Iran offers US deal to reopen Strait of Hormuz in seven days

The Iranian Foreign Minister, Abbas Araghchi, has proposed a deal to the United States that the Strait of Hormuz could be reopened within a week, according to a report at the UN in New York. The proposal, contained within a memorandum of understanding (MOU) signed in June, requires certain conditions to be met. Araghchi stated that the decision lies with the US, adding that the plan was delivered to Washington through Qatar.

A US official confirmed positive discussions were underway, including talks about nuclear issues. US President Donald Trump had earlier threatened to "annihilate the Islamic Republic," and the two nations had launched air strikes on each other in February. The attacks triggered a blockade of the Strait of Hormuz, which previously allowed 20% of the world's oil and liquefied natural gas to pass through.

Iran's attack on oil exports has caused energy price fluctuations and heightened pressure on Trump to find a resolution before the November Congressional elections. If Iran's conditions are met, the strait could be reopened in seven days, according to Araghchi. The US, however, maintains control of the strait and is not rushing to reopen it.