Iranian Foreign Minister Abbas Araqchi said the deal would set new shipping routes through the strait once the conditions were met. He said the talks with Oman did not mean the Strait of Hormuz would fully reopen. Prior to the conflict, the Strait of Hormuz carried about 20 percent of the world’s oil and liquefied natural gas shipments. Iran’s Demands To Reopen The StraitLast week, Iran issued a set of demands that Washington must comply with before it would agree to reopen the Strait. Mark Esper, the former Pentagon chief from President Trump’s first term, minced no words on Iran’s demands.