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, according to an attendee at a private gathering with Iranian Foreign Minister Abbas Araghchi. The proposal, which mirrors a previous agreement, would require the US to lift its naval blockade, waive sanctions on Iranian oil sales, and observe a ceasefire that includes Lebanon.
The deal is seen as an attempt by Iran to alleviate economic pressure, which has been exacerbated by additional US sanctions. A fifth of the world's traded oil and gas transited through the Strait of Hormuz before the war.
US President Donald Trump has said he is in no rush to reach a deal, despite high oil prices fueling inflation and cost-of-living concerns. However, Iranian officials believe that if Trump calculates this arrangement as worthwhile, it could bring political benefit before the midterms and reduce gas prices.