Iran Offers Deal to Reopen Strait of Hormuz in Seven Days

Iran has proposed a deal to reopen the Strait of Hormuz in seven days, a strategic waterway through which a fifth of the world's traded oil and gas transits. The proposal, conveyed by Qatar, would also restart stalled talks on Iran's nuclear programme with the US.

The plan, detailed by Iranian Foreign Minister Abbas Araghchi, requires the US to lift its naval blockade of Iranian ports, waive sanctions on Iranian oil sales, and observe a ceasefire that includes Lebanon. The Strait of Hormuz would be reopened on day six, and talks between Iran and the US on their nuclear programme would begin on day seven.

Araghchi said initial steps would take about four to five days to complete, with the strait reopening on the sixth day. He added that more than 5,000 people in Iran have been killed in the nearly seven-month war between the US and Israel. The proposal resembles an interim deal reached in June but with an accelerated timetable.

The US has yet to comment on the proposal, while Saudi Arabia is reportedly skeptical of the latest push for a deal. Trita Parsi, executive vice president of the Quincy Institute think tank, said 'if Trump calculates this arrangement is worthwhile and can bring political benefit before the midterms and reduce gas prices, perhaps we'll see flexibility not seen in previous weeks.' However, he noted 'deep suspicion' surrounding the proposal.