Iran Offers Deal to Reopen Strait of Hormuz Within Seven Days
Iran has proposed a deal to reopen the Strait of Hormuz and resume talks on its nuclear program within seven days. The proposal, made by Iranian Foreign Minister Abbas Araghchi, requires the United States to lift its naval blockade, waive sanctions on Iranian oil sales, and observe a ceasefire that includes Lebanon.
Araghchi suggested that a speedy agreement would help US President Donald Trump ahead of November's midterm elections, according to Trita Parsi, executive vice president of the Quincy Institute think tank. The proposal is similar to the so-called Memorandum of Understanding reached in June but with an accelerated timetable.
The earlier agreement quickly collapsed as Iran resumed attacks on shipping in the strait. Trump has said he is in no rush to reach a deal despite high oil prices fueling inflation and exacerbating cost of living concerns. There are questions about whether hard-liners dominating Iran's security forces will accept compromises championed by President Masoud Pezeshkian.