Iranian officials are worried the U.S. blockade will cause an economic collapse and admit sanctions relief is desperately needed

(Credit: U.S. Navy)

Sensing it has the upper hand, Iran issued a long list of maximalist demands before it reopens the Strait of Hormuz, even as officials in Tehran grow increasingly concerned about the shattered economy.

While Iran and Oman have been in talks over how to manage traffic through the narrow waterway, an agreement won’t automatically unlock the strait. Instead, Iran insists the U.S. must first satisfy several conditions.