Iran’s parliament speaker, Mohammad Bagher Ghalibaf, said the Strait of Hormuz will not be reopened until the U.S. accepts its seven conditions, according to Nournews, a news agency linked to Iran.

“The Strait of Hormuz will not open until our seven conditions based on the Islamabad memorandum are met,” Mr Ghalibaf said.

Some of the conditions include unfreezing Iran’s funds worth billions of dollars, an end to the war in Lebanon, removal of the U.S. naval blockade on Iranian ports among others.

Failure to meet the conditions would see Tehran continued closure of the oil channel, a development that has rattled global oil prices.

“It is in Washington’s interest to accept these conditions. Trump’s threats will not achieve any results. We are prepared for a decisive war,” Iran’s security chief Mohsen Rezaei told  Aljazeera.

Mr Ghalibaf said accepting the seven demands was the only way to reopen the oil passageway.

“Until these conditions are met, the legitimate rights of the Iranian nation are recognised, and American commitments are fulfilled, there will be no opening for a return to the previous state of negotiations or for the reopening of the Strait of Hormuz,” Mr Ghalibaf said.