Commodities
Iran Offers Deal to Reopen Strait of Hormuz in Seven Days
Iran's Foreign Minister Abbas Araghchi has proposed a deal to reopen the Strait of Hormuz and resume nuclear talks within seven days if the U.S. lifts its naval blockade, eases oil sanctions, and observes a ceasefire.
The proposal targets disruptions affecting roughly one-fifth of global traded oil and gas, resembling a June agreement that later collapsed.
A private gathering on September 24 revealed Araghchi's suggestion that a speedy agreement would help U.S. President Donald Trump ahead of November's midterm elections.
Trita Parsi, executive vice president of the Quincy Institute think tank, said Araghchi suggested this arrangement to relieve enormous economic pressure on Tehran as the U.S. piles on additional sanctions.