Iran has set conditions for reopening the Strait of Hormuz, including compensation for war damage, lifting the US naval blockade, sanctions relief and release of frozen assets. Transit has dropped sharply and ships are still being attacked, while Iran-Oman talks on the strait are described as nearing final stages. For a Thai SME, this means fuel, freight and imported input costs are likely to stay volatile. Plan for higher diesel and shipping costs and avoid locking in fixed-price supply contracts until a reopening deal is confirmed.