Iran says no decision yet on a return to talks with the US
FM Abbas Araghchi says Iran is working with Oman on routes, but Hormuz shipping depends on US meeting conditions.
The Iranian foreign minister's statement is a masterclass in strategic ambiguity. No decision on talks, but Oman is being positioned as the intermediary. The message is clear: Tehran keeps the door open, but only on its own terms.
The mention of Hormuz is the real signal. Shipping through the strait is not a given; it is a bargaining chip. The United States wants de-escalation, but Iran is linking any return to the table to concrete concessions on sanctions and oil exports.
For markets, this is a reminder that the risk premium on Gulf shipping is not going away. Every ambiguous statement from Tehran keeps tanker rates and insurance costs elevated, and any hint of progress will be met with a swift correction.
The Omani channel is worth watching. Oman has historically served as a discreet backchannel between Washington and Tehran. If talks do resume, it will likely be through Muscat, not Geneva or Vienna.
For now, the status quo holds: no talks, no deal, and the strait remains a question mark. The next move is Washington's, and Tehran is in no hurry to make it easy.