Iran proposes to reopen Strait of Hormuz in seven days if US meets conditions

AP – Iran has offered to reopen the Strait of Hormuz and resume talks on its nuclear program in seven days if the United States lifts its naval blockade of Iranian ports, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon.

Iran's Foreign Minister Abbas Araghchi detailed the proposal in a private gathering on Thursday on the sidelines of the United Nations General Assembly in New York, according to one attendee.

Trita Parsi, executive vice president of the Quincy Institute think tank, said Araghchi suggested that a speedy agreement would help US President Donald Trump ahead of November's midterm elections. The arrangement would also relieve enormous economic pressure on Tehran as the US piles on additional sanctions.

Iran's disruption of the strait – through which a fifth of the world's traded oil and gas transited before the war – has emerged as its main point of leverage. The effects have been felt far beyond the Middle East.

There was no immediate comment from Iran's UN mission or other Iranian officials. A person familiar with the matter told The Associated Press that Saudi Arabia was skeptical of the latest push for a deal.

The proposal, conveyed to the US by mediators, strongly resembles the so-called Memorandum of Understanding reached in June, but with an accelerated timetable. The earlier agreement, which called for a 60-day interim period, quickly collapsed as Iran resumed attacks on shipping in the strait.

Trump has said he is in no rush to reach a deal, even as high oil prices fuel inflation. On the Iranian side, there are questions as to whether the hard-liners who dominate the security forces would accept compromises championed by moderates like President Masoud Pezeshkian.

"If Trump calculates this arrangement is worthwhile and can bring political benefit before the midterms and reduce gas prices, perhaps we'll see flexibility not seen in previous weeks," Parsi said. But he noted "deep suspicion", especially around the prospect of Iran merely buying time to ship out more of its oil and ease its economic pain.

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