Iran Offers Strait Reopening Deal with Strings Attached

The Iranian government has proposed a plan to reopen the Strait of Hormuz in exchange for significant concessions from the US and other countries.

The proposal, presented by Foreign Minister Abbas Araghchi at the UN General Assembly, would allow for a seven-day cessation of hostilities in the region, including Lebanon, and the release of $12bn in frozen Iranian assets.

In return, the Strait of Hormuz would reopen through a new route determined by Iran and Oman, but this would effectively grant Iran control over the waterway and turn it into a managed corridor subject to their permission.

Tehran is also seeking an end to the US naval blockade, the lifting of sanctions on Iranian oil, and $24bn in frozen Iranian funds as part of the deal.