Iran Offers Seven-Day Deal to Reopen Strait of Hormuz
The Strait of Hormuz has been closed for several months due to Iran's actions, disrupting global trade and causing economic strain on Tehran. According to Trita Parsi, executive vice president of the Quincy Institute think tank, Iranian Foreign Minister Abbas Araghchi proposed a deal that would reopen the strait in seven days if certain conditions are met.
The proposal includes lifting the US naval blockade and waiving sanctions on Iranian oil sales. It also calls for a ceasefire that would include Lebanon, where Israel and Iran-backed Hezbollah have been observing a fragile truce.
Mr. Araghchi conveyed this offer to the US through mediators, with an accelerated timetable compared to the Memorandum of Understanding reached in June. However, President Trump has expressed no urgency to reach a deal, even as oil prices fuel inflation and exacerbate cost-of-living concerns.