Iranian Foreign Minister Araghchi says Iran's positions have not changed at all and conditions for reopening the Strait of Hormuz are clear, while their position on other matters is also clear

The chokepoint matters because of the share of Gulf crude and LNG exports that transit it, and in past episodes of closure or credible threat the transmission has run through prompt crude spreads and backwardation first, then tanker freight and war-risk insurance premia, with physical differentials in the Gulf moving ahead of the flat price. The pattern in comparable episodes has been an initial premium that fades if actual loadings continue uninterrupted, which puts the burden of proof on vessel tracking, loading programmes and insurer quotes rather than on rhetoric. The relevant distinction here is between a conditional offer, which keeps a negotiating channel open, and an outright refusal, and the explicit reference to announced conditions places this in the former camp. Worth watching next is whether the conditions are restated publicly and how the counterparty responds, alongside any shift in naval posture or shipping behaviour in the waterway itself.