Iran Offers Deal to Trump: Lift Sanctions for Open Strait

A recent proposal by Iran's President Masoud Pezeshkian and Foreign Minister Abbas Araghchi to the Trump administration has raised hopes for a deal to end the fighting and open the Strait of Hormuz, but progress remains uncertain. The proposal, which was pitched in New York during the U.N. gathering of world leaders, would see the U.S. lift its military blockade of Iranian ports, release frozen Iranian assets, and waive sanctions on Iranian oil sales within seven days.

While this is not a new set of conditions, what's different from past attempts is the speedier timeline. The Iranian pitch to President Donald Trump suggested that a quick deal might help him in the midterm elections in November, with both sides trying to outlast growing economic pain following seven months of war.

The U.S. and Iran have held indirect talks via mediators, with Secretary of State Marco Rubio describing them as 'good' and saying the U.S. was open to more. However, Trump used his speech to the U.N. gathering on Tuesday to threaten to 'annihilate' the Islamic Republic, while Pezeshkian said Iran would fight 'until our last breath.'

Tehran's top diplomat has described Tehran's new proposal to the U.S., which largely echoes the conditions agreed to in the June deal that fell apart. The stakes are high for both sides, with opening the Strait of Hormuz and lifting the naval blockade of Iranian ports seen as crucial to easing global markets and relieving pressure on the U.S. military.