Iran's Hormuz demands: a capitulation list or a real basis for talks?

Iran's Revolutionary Guards declared they will not reopen the Strait of Hormuz until the US complies with a list of demands, including paying war damage compensation. Analysts are debating whether the conditions amount to a capitulation document or a negotiating opening. Dr H.A. Hellyer, Senior Fellow at RUSI, assesses the geopolitical stakes of the standoff.