Iran Offers Deal to Reopen Strait of Hormuz Within Seven Days
Iran has proposed an agreement to reopen the Strait of Hormuz and resume nuclear talks within seven days, according to Trita Parsi, executive vice president of the Quincy Institute think tank. The proposal involves lifting the US naval blockade, waiving sanctions on Iranian oil sales, and observing a ceasefire in Lebanon.
The arrangement aims to relieve economic pressure on Tehran as the US piles on additional sanctions. A fifth of the world's traded oil and gas transits through the Strait of Hormuz, making it a crucial point of leverage for Iran. The proposal is similar to the Memorandum Of Understanding reached in June but with an accelerated timetable.
US President Donald Trump has said he is in no rush to reach a deal, even as high oil prices fuel inflation and exacerbate cost-of-living concerns. Iranian President Masoud Pezeshkian hosted the prime minister of Qatar on Friday, indicating diplomatic movement. However, suspicion is high on both sides, with each accusing the other of violating the June agreement.