Tehran, Iran - Iran's Islamic Revolutionary Guard Corps (IRGC) on Sunday said they would not reopen the Strait of Hormuz until the US and Israel meets conditions Tehran set out the day before.

Tehran on Saturday identified the preconditions they require for the reopening of Hormuz, including significant compensation for war damages. The move is likely to complicate a potential deal to reopen the waterway.

Iranian Foreign Minister Abbas Araghchi said discussions with Oman over transit and management of the strait were "approaching the final stages," but added the reopening of Hormuz "is subject to other conditions and compensation for the violation" of the June peace agreement.

Currently, Hormuz is blocked by an Iranian blockade that has been striking ships it accuses of attempting to pass through the passage without its permission. The subsequent blockage of exports from the Gulf has caused global economic strife.

Air Travel Shock "near collision" at Sydney Airport triggers major investigation

Fighting resumed in July after weeks of relative calm and a peace agreement in June which was undermined by Israel's repeated and violent attacks on Lebanon. Since the war heated up again, negotiations have stalled.

Araghchi on Sunday denied that Iran was negotiating with the US at all, saying they were merely "exchanging messages" via intermediaries.

Iran's security chief Mohammad Bagher Zolghadr on Saturday laid out a list of demands for reopening the strait, including an end to the "war and aggression against Iran and its allies in Lebanon, Palestine, Yemen, and Iraq."

He also demanded the lifting of a US counter blockade of Iranian ports, the end of sanctions, the release of frozen assets, and compensation for wartime damage.

Iran's Revolutionary Guards on Sunday said their strategy was to maintain the closure "until the enemy accepts all our conditions… the strait is now actually a theater of war for us and not just a waterway."