Negotiations between Iran and Oman regarding the reopening of the Strait of Hormuz are very close to reaching an agreement, Iranian state-run IRNA news agency reported, citing Iranian Foreign Minister Abbas Araghchi.

"The opening of the Strait of Hormuz must be conditioned on meeting other requirements, including compensation for the United States' violation of the Islamabad Memorandum of Understanding (MOU)," Araghchi said.

Araghchi explained that the militaries of Iran and Oman are negotiating to establish a new interim route, and until then, the existing route will serve as the basis.