Iran Offers US Deal to Reopen Strait of Hormuz Within Seven Days

Iran has put forth a proposal to the United States that could lead to the reopening of the Strait of Hormuz within a week, Iranian Foreign Minister Abbas Araghchi announced Tuesday.

Speaking to reporters at the United Nations in New York, Araghchi stated that the reopening of the strait is contingent upon the fulfillment of certain conditions outlined in a memorandum of understanding signed in June. "If the necessary conditions are met, the strait can be reopened, a normal maritime passage restored within seven days. The choice now rests with the United States," Araghchi said. He did not specify the exact steps Iran expects the U.S. to take, but indicated they are detailed in the existing MOU.

A U.S. official acknowledged that positive discussions are underway with mediators, including on nuclear issues. This development comes after a period of heightened tensions, including President Donald Trump's recent threat to "annihilate the Islamic Republic."

The Strait of Hormuz, a critical chokepoint for global energy supplies, accounts for approximately 20% of the world's oil and liquefied natural gas. Its closure has led to significant price volatility in the global energy market and has intensified pressure on the Trump administration, especially with U.S. congressional elections approaching in November.

The June MOU, signed by the U.S. and Iran, was intended to establish a ceasefire and facilitate the reopening of the Strait of Hormuz. The 14-point agreement stipulated that Iran would not pursue nuclear weapons, and that the U.S., Iran, and their allies would cease military operations on all fronts. It also included provisions for the end of a U.S. naval blockade, sanctions relief for Iran, and arrangements for the safe passage of commercial vessels through the strait, along with talks with Oman regarding future shipping arrangements.

However, the agreement faltered shortly after its signing, with both sides resuming military actions. Iran has since targeted vessels it claims attempted to cross the Strait of Hormuz without authorization, while the U.S. has conducted strikes on Iranian sites within the strait and on Iranian tankers. The U.S. has also maintained a blockade of Iranian ports, significantly impacting the Iranian economy.

Despite these challenges, President Trump has previously asserted that the U.S. has successfully managed to extract oil through the Strait of Hormuz. Meanwhile, Houthi rebels in Yemen, who are allied with Iran, have escalated attacks aimed at disrupting oil exports from Saudi Arabia via the Red Sea.

Earlier this week, during his address at the UN General Assembly, Trump expressed his belief that a deal with Iran would materialize after the November elections, posing a stark choice between a diplomatic resolution and military action. Araghchi responded to this on Friday, stating that Iran does not accept "coercion, threats or intimidation" and that "peace cannot be built through threats of annihilation."