Iran FM says ideas exchanged with Qatar, Hormuz reopening conditional

Iran's latest comments indicate that the Qatar-facilitated dialogue remains active, yet they also highlight Tehran's linkage of Hormuz reopening to unspecified conditions, sustaining a risk premium in oil markets. Crude prices have swung on every diplomatic development, and Tehran's assertive stance may check any downside that traders might have anticipated from earlier reports of potential sanctions easing. The upcoming trigger is Washington's response, to be transmitted via Doha, meaning any progress on the order of steps—or a failure—will probably move Brent and WTI.

---

Earlier:

• Trump says he did not propose sanctions relief, brands Axios story false

---

Tehran maintains a diplomatic channel via Doha but demands adherence to the Supreme Leader's conditions for any reopening of the Hormuz waterway.

Overview:

• Iran's Foreign Minister Abbas Araqchi stated that Tehran exchanged proposals with Qatari mediators for forwarding to the US, as reported by IRNA.
• The minister noted that Washington's reply would be returned to Tehran via the same Qatari channel.
• Araqchi emphasised that the conditions insisted upon by Iran's Supreme Leader must be fulfilled for the Hormuz Strait to be reopened.
• He further indicated that if Washington seeks a deal or a diplomatic resolution, Iran has already offered one.
• These remarks come after Trump rejected Iran's Hormuz proposal on Saturday and following a contested Axios report regarding potential US sanctions relief.

On Monday evening, Iranian Foreign Minister Abbas Araqchi confirmed that discussions with Qatari intermediaries had taken place, with the ideas to be presented to the US, per IRNA. He added that Washington's answer would be relayed to Iran through the same Qatari mediators.

Araqchi further stated that the Supreme Leader's conditions must be applied before the Hormuz Strait can reopen. He also said Iran has already put forward a proposal if the US desires a deal or a peaceful outcome. The news reports did not specify the proposals exchanged or the exact conditions mentioned.

These statements come after a weekend when US President Donald Trump refused an Iranian initiative to reopen the waterway. US UN Ambassador Mike Waltz explained that Trump rejected it because it demanded an immediate end to sanctions and the return of frozen assets. Qatari intermediaries were anticipated to conduct separate meetings with Iran and the US on Monday or Tuesday, concentrating on a revised version of a seven-day plan that Iran proposed the prior week, as per a Reuters source.

Earlier on Monday, Axios reported, citing US sources, that Trump was prepared to offer sanctions relief and unfreeze Iranian assets in exchange for tangible advances on the nuclear front. A US official characterized the backchannel talks as positive and productive, but noted differences persist over the schedule and the sequence of actions. Subsequently, Trump on Truth Social refuted the idea that he had made any offer to Iran and labelled the Axios story a hoax.

Oil moved in response to diplomatic news all day Monday. Brent crude ended around $105 per barrel after an initial surge of over $4 dissipated, and the earlier reports of possible sanctions relief had been accompanied by weaker oil prices. Middle Eastern shipments have increased in recent weeks, but volumes through the Hormuz Strait are still lower than before the conflict.

Focus now shifts to the US reply, which will be transmitted to Tehran through Doha, and to whether the intermediaries can reduce the differences on the order of steps before Iran's demands for reopening the strait come under scrutiny.