Strait of Hormuz Diplomacy: Iran says it is “very close” to a deal with Oman on managing a new shipping route, but insists the waterway won’t reopen until the US meets wider conditions, including compensation for alleged violations of a June memorandum, lifting the naval blockade and sanctions, unfreezing assets, and ending threats and attacks on regional allies. Oman’s Position: Muscat called the talks “positive and constructive” while urging all sides to avoid actions that could derail negotiations, as it condemned repeated attacks on vessels transiting the strait. New Demands, Higher Stakes: Iran’s Supreme National Security Council issued a sweeping list of demands, warning reopening depends on US “correcting” its behavior, while the IRGC echoed that reopening hinges on US acceptance of Iran’s conditions. Maritime Security Flashpoints: The UAE condemned what it said was an Iranian missile attack on an ADNOC tanker in the strait, with no casualties reported, as UKMTO said a vessel off Oman’s coast was hit by an unknown projectile and crews were safe. Energy Markets: Oil prices slid sharply over the week as hopes of US-Iran diplomacy eased risk premiums tied to Hormuz disruption. Local Relevance: Oman’s role as mediator remains central, with talks focused on navigation arrangements and route coordinates, but political hurdles still keep full reopening uncertain.