Iran Offers Seven-Day Deal to Reopen Strait of Hormuz and Restart Nuclear Talks

Tehran has proposed a new deal to reopen the Strait of Hormuz and restart talks on its nuclear program. The agreement would take effect within seven days if the United States lifts its naval blockade, suspends sanctions on Iranian oil sales, and respects a ceasefire that includes Lebanon. This proposal was presented by Iranian Foreign Minister Abbas Araghchi during a private meeting in New York on Thursday on the sidelines of the United Nations General Assembly.

The new deal closely resembles a memorandum of understanding reached in June but with a much shorter deadline for its implementation. The previous agreement provided for a temporary period of 60 days, but it quickly collapsed after Iran resumed attacks on ships in the Strait of Hormuz. US President Donald Trump has said he is in no rush to reach a deal with Iran.

However, high oil prices are fueling inflation and making the cost of living in the United States more expensive. Trita Parsi, executive vice president of the Quincy Institute think tank, who attended the meeting, said Araghchi suggested that a quick deal could bring political benefits to US President Donald Trump ahead of the November midterm elections.

It remains unclear whether the more conservative forces that have major influence in Iranian security structures will accept the compromises supported by more moderate figures, including President Masoud Pezeshkian. If Trump believes that such an agreement could bring him political benefits and help lower fuel prices, then there may be more room for compromise on both sides.