Both had fallen more than 7 per cent last week on expectations that Iran and Oman were nearing an agreement to restore shipping through the strait. Iranian officials have said the country will not reopen the strategic waterway based on a shipping agreement alone. Iran wants the US to lift sanctions, end military threats and provide compensation for damage caused during the conflict. “Also, with respect to the Iran negotiations, Iran should be responsible for the damages and death caused to the people of Lebanon, ‌Syria, Yemen, and Gaza!” Story continues below this adWhat is Strait of Hormuz and why does it matter?