Iran says it will not reopen the Strait of Hormuz until the United States ends the war, even as Tehran and Oman work on a temporary plan to ease navigation through the strategic waterway.

Iranian and Omani officials discussed a phased arrangement that could create a temporary shipping corridor and launch joint efforts to clear mines from the strait.

Iranian Deputy Foreign Minister Kazem Gharibabadi also warned that military vessels would not pass through Hormuz and said Tehran would respond to US sanctions by targeting American economic interests.

Meanwhile, Washington has announced fresh sanctions targeting Iran’s digital assets, technology, gold, aviation and shipping sectors, with measures also affecting entities in several countries.

The crisis has severely disrupted traffic through Hormuz, a major global energy route that normally handles about one-fifth of worldwide oil and LNG exports.

Despite the tensions, oil prices fell on Wednesday as fears of another major military escalation in the Middle East eased.