Iran Offers Last-Minute Deal to Reopen Key Shipping Lane
Iran has proposed a deal to reopen the Strait of Hormuz and resume talks on its nuclear program in seven days, provided that the US lifts its naval blockade, waives sanctions on Iranian oil sales, and observes a ceasefire that includes Lebanon.
The proposal was made by Iran's Foreign Minister Abbas Araghchi at a private gathering on Thursday on the sidelines of the UN General Assembly in New York. According to Trita Parsi, executive vice president of the Quincy Institute think tank, who attended the meeting, Araghchi suggested that a speedy agreement would help US President Donald Trump ahead of November's midterm elections.
The deal would alleviate enormous economic pressure on Tehran as the US piles on additional sanctions. Iran has disrupted the strait, through which a fifth of the world's traded oil and gas transited before the war, and its effects have been felt far beyond the Middle East.