We're simply not in a position to know what the US is seeking on inspections. G7s have been bumpy for Trump - he bailed on Canada early, there was the Merkel photo. The Europeans are coming with a proposal on helping clear the Strait of Hormuz, but Trump may see it as too little too late.
Step 1 of a multi-stage deal seems to be reopening the strait. The Americans recently started saying they've been helping ships get through safely, but there's debate on how much of that is verified.