Abbas Araqchi, Iranian Foreign Minister, on December 17, 2025 Reuters/Ramil Sitdikov/Pool/File photo Iranian Foreign Minister Abbas Araqchi said on Saturday (8) that Iran and Oman are "very close" to a new agreement on an alternative shipping route through the Strait of Hormuz. Araqchi said, however, that the treaty will have new conditions, including compensation for what Tehran considers to be U.S. violations of the Islamabad memorandum of understanding, an agreement signed on June 17 between the U.S. and Iran to try to end tensions and secure a ceasefire in the Middle East. *This report is being updated