Commodities
Iran Offers Seven-Day Deal to Reopen Strait of Hormuz, Lift Sanctions
Iran has offered to reopen the Strait of Hormuz and resume talks on its nuclear program in seven days if 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.
The arrangement would alleviate enormous economic pressure on Tehran and help US President Donald Trump ahead of November's midterm elections.