Rubio Says Reopening Strait of Hormuz Alone Won’t Earn Iran Sanctions Relief

U.S. Secretary of State Marco Rubio said Iran cannot win sanctions relief simply by reopening the Strait of Hormuz. Any deal would also depend on concrete negotiations over how Tehran handles its stockpile of highly enriched uranium.

Odaily, a cryptocurrency-focused media outlet, reported on June 2 that Rubio said reopening the waterway alone would not be enough to secure the lifting of U.S. sanctions on Iran.

Iran must also engage in specific negotiations over the disposition of its highly enriched uranium, Rubio said. Sanctions relief would be possible only if those conditions are met.

The remarks followed Rubio's comment that an agreement with Iran could be reached as early as today, tomorrow or next week. While the door to negotiations remains open, Washington made clear that sanctions relief will not be tied solely to the Strait of Hormuz.

Markets are watching developments in the Iran talks as a factor that could influence global oil prices and sentiment toward risk assets. Expectations for normalized passage through the Strait of Hormuz could ease pressure on crude prices, but near-term uncertainty remains as nuclear-related conditions are still unresolved.