Washington and Oman are offering Iran access to frozen financial assets in exchange for waiving tariffs and controlling shipping in the Strait of Hormuz. However, in the early hours of July 3, 2026, Tehran flatly refused to budge, leading to a new collapse in commercial ship traffic through the strategic region.
The Financial Bet and the Diplomatic Deadlock
According to information from The Wall Street Journal (WSJ), American negotiators, in cooperation with Qatar and Pakistan, have proposed the release of an initial tranche of $6 billion of frozen Iranian funds. These funds are part of a total of more than $100 billion in Iranian assets abroad that Washington is ready to unfreeze in stages for humanitarian needs.
In return, the United States is demanding that Iran abandon its plans to collect transit fees from passing ships - a move that Tehran is trying to impose to generate nearly $40 billion a year.
New military threats from Tehran
Immediately after the conclusion of another round of indirect talks in Doha, the Iranian delegation took a firm stand:
Iranian Command: Deputy Foreign Minister Kazem Gharibabadi announced that the Strait of Hormuz is entirely “under the command of Iran“, not the US. Ultimatum to tankers: Iran's Joint Military Command has warned that any oil tanker that does not follow Tehran's approved routes will receive an "immediate and powerful response." Request for fees: Iran insists it has the right to manage traffic and charge ships for security services - a demand rejected by the United States and neighboring Arab Gulf states.The trade collapse in numbers
The diplomatic impasse continues to paralyze global energy trade. According to data from the analytical company Kpler, cited by The Wall Street Journal:
43 ships a day had passed through the strait as of Wednesday, a drop from 75 ships a week earlier. Before the conflict broke out, the average traffic exceeded 100 ships a day.Seeking Alternatives: The Oman Plan
Due to Iran's refusal, the US is currently considering a compromise proposal presented by Oman. The Oman plan envisages that maritime services in the strait would be paid for through a special fund financed by voluntary donations from major shipping and oil companies, rather than paying direct fees to Tehran. However, Iran has already expressed objections to this formula as well.
Negotiations between Washington and Tehran are temporarily suspended due to the upcoming funeral of Iran's late Supreme Leader, Ayatollah Ali Khamenei, after which Qatari mediators are expected to schedule a new round of meetings.