Iran Vows to Reopen Hormuz Strait Within Seven Days

Iranian Foreign Minister Abbas Araghchi has stated that the Strait of Hormuz will reopen within seven days if certain conditions are met by the US. Speaking at the UN General Assembly, Araghchi emphasized that these conditions were previously agreed upon in the Islamabad MOU, which was signed by President Trump.

According to Araghchi, the US must meet 'certain conditions' for the Strait of Hormuz to reopen, and this would also lead to renewed talks between the two nations. Oil prices retreated on Friday morning after soaring the previous day, with Brent crude dropping 1.43% to $105 a barrel and West Texas Intermediate falling 2.27% to $92.46 per barrel.

A recent report claimed that Washington and Tehran are discussing a potential deal to end hostilities and gradually reopen the waterway. However, talks still face challenges as neither side is willing to take the first step. An Iranian official suggested a possible way out would be for Iran to allow unrestricted traffic while the US lifts its blockade of Iranian ports and allows access to frozen assets.