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 if the United States meets its conditions, according to Iranian Foreign Minister Abbas Araghchi.

The proposal, which closely resembles a June agreement that quickly collapsed, would require the U.S. to lift its naval blockade of Iranian ports and waive sanctions on Iranian oil sales.

Araghchi said the seven-day timeline will start as soon as the United States accepts the plan, with initial steps taking about four to five days to complete.

The Strait of Hormuz is a critical waterway through which a fifth of the world's traded oil and gas transits.