Iran Offers Deal to Reopen Strait of Hormuz in Seven Days
Iran has proposed a deal to reopen the Strait of Hormuz and resume talks on its nuclear program in seven days, if the US lifts its naval blockade and waives sanctions on Iranian oil sales. The proposal was made by Iran's foreign minister, Abbas Araghchi, during a private gathering at the UN General Assembly in New York. He suggested that a speedy agreement would benefit US President Donald Trump ahead of November's midterm elections.
The plan closely resembles the Memorandum Of Understanding reached in June, but with an accelerated timetable. However, the earlier agreement collapsed after Iran resumed attacks on shipping in the strait. President Trump has stated he is not in a hurry to reach a deal, despite high oil prices fueling inflation and exacerbating cost-of-living concerns.
Some analysts believe that if Trump sees the arrangement as beneficial for his midterms campaign and can reduce gas prices, he may show flexibility. However, there are also concerns about Iran's hardliners dominating its security forces and rejecting compromises championed by moderate President Masoud Pezeshkian.