Iran Demands $400 Billion to Reopen Strait of Hormuz

Secretary of Iran's Supreme National Security Council Mohsen Rezaei announced that the Strait of Hormuz will remain closed until the United States meets several sweeping conditions. Tehran is demanding an end to the U.S.-Iran war and conflicts in Lebanon and Gaza, the lifting of sanctions and the naval blockade, the release of up to $100 billion in frozen assets, and $300 billion in compensation for wartime damage.

President Donald Trump rejected these terms, instead demanding that Iran provide compensation for deaths and injuries resulting from decades of attacks, specifically citing the 2000 bombing of the USS Cole. While Pakistani officials have suggested the two nations are nearing an arrangement, public positions remain hardened.

The closure follows joint U.S.-Israeli strikes on February 28 and a subsequent U.S. naval blockade. The ongoing disruption to shipping has pushed Brent crude prices to $88.91 a barrel. Rezaei clarified that any technical shipping agreements reached with Oman would be separate from the broader issue of reopening the strait.