Skip to content
You can now search across every topic, entity and event.What's new
European Energy Markets
22JUN

Eight rounds done, but no sign-off yet

2 min read
13:56UTC

Iranian state media says eight rounds of Hormuz talks have finished and Abbas Araghchi has given the draft preliminary approval. Two higher authorities have not.

EconomicDeveloping
Key takeaway

Araghchi's approval is preliminary; the Supreme Leader and the security council have not signed the Hormuz draft.

Iranian state media reported eight completed rounds of talks with Oman on 5 August, covering a maritime corridor, mine clearance, monitoring arrangements and possible service fees 1. Foreign Minister Abbas Araghchi has given the resulting draft a preliminary approval. It still needs the Supreme Leader and the Supreme National Security Council (SNSC), the body chaired by Iran's president that signs off every strategic security decision, before it binds anything 2.

That sequence is worth understanding before reading any Iranian statement about Hormuz. Araghchi runs the negotiation but does not own the decision; the SNSC turns an agreed text into national policy, and the Supreme Leader's office can withhold assent without ever explaining why. Tehran has run announcements ahead of substance on this file before, with Baghaei flatly denying any negotiations on 28 July while Trump claimed deep talks were under way .

The agenda list tells a reader more than the approval status does. Mine clearance appearing as a negotiating item concedes that mines were laid and that somebody must now lift them, which is engineering work with a timetable rather than a communique. Monitoring implies a party watching compliance, and the identity of that party has not been disclosed. Service fees survived eight rounds despite Washington having rejected any Iranian toll or permission requirement outright 3, which suggests the item was parked rather than resolved.

An unsigned draft can still fail at the last gate, and the incentives around that gate point in opposite directions. Iranian domestic politics need the arrangement to read as Iranian management of the strait; Washington needs it to read as unconditional transit. The ambiguity that allowed eight rounds to conclude is the same ambiguity that keeps the text unpublished.

Deep Analysis

In plain English

Iranian state media said negotiators have finished eight rounds of talks covering how ships would move through the Strait of Hormuz, and that Iran's foreign minister has given preliminary approval to what was agreed. But in Iran's system, the country's Supreme Leader and top security council still have to sign off before anything is final, and that has not happened yet.

Deep Analysis
Root Causes

Araghchi's preliminary approval covers the negotiating text, not Iran's constitutional sign-off chain: under Iran's system, the Supreme National Security Council and ultimately the Supreme Leader hold final authority over any agreement touching sovereignty or security.

That is why eight completed rounds have not yet produced a binding deal despite the foreign ministry's approval.

What could happen next?
  • Consequence

    Preliminary ministerial approval without Supreme Leader sign-off keeps the corridor unenforceable and unpriced by insurers regardless of how many negotiating rounds have concluded.

First Reported In

Update #166 · Two Hormuz deals, neither one published

IRNA· 6 Aug 2026
Read original
Different Perspectives
Cross-border power traders
Cross-border power traders
The France-Germany day-ahead spread flipped from a EUR 17.20 German premium on 1 August to a EUR 4.15 French premium on 3 August, the same day French curtailment peaked. They cannot yet attribute the flip to curtailment alone, since a like-for-like overnight comparison shows French nuclear output rising while wind fell and demand returned on the weekday step.
EDF
EDF
River-cooling limits took 7.6 GW, 12 per cent of its fleet, offline on 3 August, the highest curtailment since the heatwave began, with an easing forecast to 4.3 GW on 4 August and 3 GW after. It manages the cut as a recurring seasonal constraint, expecting it to lift with river temperature, not repair.
Gasunie
Gasunie
TTF, the Dutch hub it operates, drifted to roughly EUR 55 to 58 per MWh across the window, staying inside its recent range through both the German spark reversal and the French curtailment. It reads a flat hub price as evidence that neither event this window carried enough weight to move the fuel leg on its own.
German gas-fired generators
German gas-fired generators
Record German solar of 18,761 MW on 2 August pushed the clean spark spread to minus 18.48 EUR/MWh, a loss-making day, before it returned to plus 16.20 on 3 August. They now price dispatch against post-solar residual load rather than wind alone, since the sign flipped inside 48 hours on unchanged fuel and carbon costs.
European Commission (DG Energy)
European Commission (DG Energy)
Its implementing-measures register logged transposition notices from only Portugal and Slovakia against Wednesday's Article 94 deadline for Directive (EU) 2024/1788, with 25 states silent. It expects the register to fill only gradually, since filing routinely lags legislating and any infringement track against non-notifying states runs on a slower clock than the deadline itself.
Spain's LNG terminal operators
Spain's LNG terminal operators
Spain's 9,145 GWh terminal inventory is the largest single stock in the EU LNG network, an option value that can reroute cargoes wherever the winter strip pays best rather than a cavern gas obligation tied to a fixed date. That flexibility matters more as Germany's cavern shortfall pushes more of the winter security question onto import infrastructure.