Iran announced the initial conditions for opening the Strait of Hormuz.
These include:
- Guaranteed lifting of sanctions against Iran;
- Withdrawal of US military bases in the Persian Gulf;
- Return of frozen assets of Iran;
- To trade in oil not in dollars, but in other currencies.
Following the escalation of the conflict between the US, Israel, and Iran, Tehran effectively closed the Strait of Hormuz. This strait is the main route for transporting oil, petroleum products, and liquefied natural gas from the Persian Gulf countries. Approximately 20% of global oil supplies are made through this route.
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