Iran has suggested a deal to reopen the Strait of Hormuz in 7 days

Iran has proposed reopening the Strait of Hormuz and resuming nuclear talks within seven days, contingent upon the United States lifting its naval blockade, easing sanctions on Iranian oil sales, and agreeing to a ceasefire that includes Lebanon. Foreign Minister Abbas Araghchi proposed this plan during a private meeting with representatives from the United Nations General Assembly in New York.

He claimed the plan was forwarded to the US through intermediaries. Araghchi stated that if specific conditions are met, the Strait of Hormuz would be reopened at the end of the seventh day, and nuclear talks would recommence. Trita Parsi, a member of the Quincy Institute, noted during the meeting that Araghchi suggested this quick agreement could also benefit US President Donald Trump ahead of the November midterm elections.

However, there has been no confirmation of the details from Iran's UN mission or other Iranian officials beyond Araghchi's public statement. This proposal resembles a previous agreement reached in June, but with a significantly shorter timeframe. The earlier deal fell apart as fighting and attacks on shipping continued. President Trump has expressed no urgency in reaching an agreement with Iran.

The issue is significant as high oil prices exacerbate inflation and impact household costs. Within Iran, there are concerns whether hard-line elements in the security establishment would accept concessions backed by more moderate figures, such as President Masoud Pezeshkian. Despite these doubts, Parsi emphasized that suspicion remains high about Iran potentially using the arrangement to export additional oil and lessen the strain of sanctions on its economy.