$12B Price Tag for Iran's Plan to Reopen Hormuz Strait

Iran has presented the United States with a new plan to reopen the Strait of Hormuz within seven days, potentially paving the way for renewed talks after months of escalating tensions.

The proposal, outlined by Iranian Foreign Minister Abbas Araghchi, would require several conditions to be met before Tehran resumes transit across the strategic waterway.

Araghchi stated that the plan calls for a seven-day ceasefire in hostilities throughout the Middle East, including Lebanon, as well as the release of at least $12 billion in frozen Iranian assets and the lifting of oil sanctions on Iran.

The U.S. has reportedly been involved in 'positive and constructive discussions' with mediators, but no agreement has been announced.