The US could lift its blockade on Iranian ports if Tehran agrees to restore unrestricted commercial shipping through the Strait of Hormuz. The potential breakthrough comes as Iran says talks with Oman on new shipping lanes are nearing completion, while Tehran continues to demand broader concessions from Washington, including compensation, an end to sanctions and guarantees against further attacks. With Hormuz carrying a major share of global energy shipments, the standoff could have huge consequences for oil markets and global trade.