Iran Proposes Seven-Day Truce for Reopening of Strait of Hormuz

Iranian Foreign Minister Abbas Araghchi has proposed reopening the Strait of Hormuz within seven days, pending certain conditions. Speaking in New York during the UN General Assembly, Araghchi outlined a plan that would see all hostilities cease in the Middle East for seven days, including in Lebanon.

The proposal also calls for the release of frozen Iranian assets estimated to be worth at least $12 billion, as well as the lifting of sanctions on Iranian oil and an end to the US naval blockade of Iran. On the seventh day of the truce, Iran would reopen Hormuz.

Araghchi stated that he was waiting for a US response to the plan and maintained that China supported the proposal. The Strait of Hormuz is a critical waterway for global oil supplies, with 33.7 million barrels of crude already shipped out this week.