Iran Proposes Reopening Strait, Nuclear Talks in Exchange for US Concessions

Iran has proposed reopening the Strait of Hormuz and restarting talks over its nuclear program within seven days if the United States agrees to several conditions, according to a private gathering on the sidelines of the U.N. General Assembly.

The proposal includes lifting the US naval blockade, waiving sanctions on Iranian oil sales, and observing a ceasefire that would include Lebanon.

Iranian Foreign Minister Abbas Araghchi outlined the proposal Thursday in New York, suggesting a rapid agreement could help President Donald Trump ahead of November's midterm elections.

The offer closely resembles a memorandum of understanding reached in June, but sets a faster timetable. That earlier agreement called for a 60-day interim period but collapsed after Iran resumed attacks on shipping in the Strait of Hormuz.