A seven-day proposal to reopen Hormuz is on the table

The Strait of Hormuz could be reopened within a week, according to a new proposal from Iran, as reported by Reuters. The proposal, which comes in the form of a seven-day plan, could potentially restart negotiations aimed at ending the ongoing war. The proposal builds upon an earlier agreement to extend a ceasefire that had broken down in July.

US and Iranian negotiators are currently engaged in discussions to explore a phased deal that would involve reopening the strait and lifting the economic blockade imposed by Washington.

However, neither side appears to be willing to relinquish their leverage, making the timing of any deal crucial. A successful agreement before the midterms could be politically advantageous for President Trump, as it might help alleviate the issue of rising fuel prices that have become a significant concern for American voters. The political incentive for reaching an agreement could diminish after the November elections, though.

Meanwhile, Iran-backed Houthis have continued their targeting of Saudi oil export infrastructure on the Red Sea coast. Despite the kingdom increasing its crude production through its East-West pipeline, Saudi Arabia has not yet resumed the loading of tankers.