Iran says it will retain control after Strait of Hormuz reopens

2026-05-28

Control of the Strait of Hormuz

Iranian state television said on the 27th that a draft memorandum aimed at ending hostilities with the United States said control of the Strait of Hormuz would remain with Iran even if navigation through the waterway resumed. On the nuclear issue, Iran is showing no sign of softening its hardline stance and is looking to extract maximum economic gain in negotiations.

Economic support takes priority

President Pezeshkian said at a meeting with businesspeople and traders on the same day that 'the main battleground is the economic war with the United States'. Iran's official news agency IRNA reported that. Iran is seeking to delay nuclear talks demanded by Washington, including the disposal of highly enriched uranium, while aiming to secure control of the strait and the lifting of frozen assets. The United States and Iran are said to first exchange a memorandum and then work through outstanding issues over the following 60 days.

Frozen assets and nuclear talks

According to The Wall Street Journal, Iran's negotiating strategy is to secure support for its badly battered economy while avoiding concessions large enough to let U.S. President Donald Trump declare victory on the nuclear issue.

Calculations over the Strait of Hormuz

The oil price rally triggered by the de facto blockade has become a burden for Trump, who faces midterm elections in November. Iran is trying to turn Washington's desire to reopen the waterway quickly into a bargaining chip. In the draft memorandum reported by Iranian state television, Iran said it would not open the strait unconditionally and would manage vessel passage itself, deciding whether ships may pass. It also plans to receive money it describes as a 'service fee' for navigation management and says it will cooperate with Oman.

Demand for release of frozen assets

What Iran is strongly focused on is assets frozen overseas. Tasnim News, which is close to the Revolutionary Guard, reported on the 26th that Iran is seeking the release of an estimated $24 billion in frozen assets as a condition for a deal. It also emerged on the 25th that Parliament Speaker Ghalibaf and Foreign Minister Araghchi visited Qatar together with the central bank governor. Qatar is known as the country that transferred about $6 billion in Iranian assets held in South Korea when the United States and Iran carried out a prisoner exchange in 2023.

No concessions on the nuclear issue

At the same time, Iran is making clear that it will not compromise on the nuclear issue. According to Iran's English-language broadcaster Press TV, a senior Iranian official said on the 27th that indirect contact with the United States is continuing, but that disposal of enriched uranium 'is not on the negotiating agenda'.

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