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Market Chatter: Iran Softens Stance on European Mine-Clearing in Strait of Hormuz

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Iran could allow European countries to help clear mines in the Strait of Hormuz as negotiations over restoring commercial shipping gain momentum, Bloomberg reported Tuesday, citing people familiar with the discussions.

Diplomatic talks in recent weeks have signaled a softer position from Tehran, although Iranian officials continue to publicly reject foreign demining efforts, according to the report. Any operation would still depend on security guarantees from Iran and a durable ceasefire.

Mediators have already circulated a draft framework to restart discussions between Washington and Tehran, according to the report. The proposal centers on reopening a navigation channel through Hormuz, though mine clearance would likely need to take place before vessels can use it.

Iranian officials are reportedly yet to reach a unified position, with some Islamic Revolutionary Guard Corps members arguing domestic forces should oversee any mine removal.

As part of efforts to restart energy flows, the US has pressed allies to ensure that the Strait of Hormuz is safe for commercial shipping.

US Defense Secretary Pete Hegseth has pushed the UK and France to organize an international conference on Hormuz shipping, the report said.

European officials resisted the proposal because they feared it could be viewed as support for US offensive operations, leaving any conference on hold until a new ceasefire demonstrates it can hold, the report added.

Earlier Tuesday, US Secretary of State Marco Rubio said Washington and Tehran have made progress toward an agreement on transit through key waterways, though the negotiations have not yet concluded. He said he hopes the two sides can reach a deal soon.

Rubio also said the US is working with Oman and Iran on measures to allow more vessels to pass safely through the waterways in the near term. He added that oil shipments continue to move through the straits despite recent disruptions.

Iran's Ministry of Foreign Affairs and the US Department of State did not immediately reply to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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