Iran proposes a deal to reopen the Strait of Hormuz in 7 days if the US meets its conditions

Iran has proposed reopening the Strait of Hormuz and resuming talks about its nuclear program in seven days, contingent upon the United States lifting its naval blockade, waiving sanctions on Iranian oil sales, and observing a ceasefire that extends beyond Lebanon. Foreign Minister Abbas Araghchi made this proposal during a private gathering on the sidelines of the U.N.

General Assembly in New York, according to an attendee. Trita Parsi, executive vice president of the Quincy Institute think tank, suggested that a swift agreement could benefit President Donald Trump ahead of the November midterm elections. The arrangement would also alleviate significant economic pressure on Tehran, as the U.S. is imposing additional sanctions.

The disruption of the strait, which once facilitated a fifth of the world's traded oil and gas, has become a primary leverage point for Iran. There was no immediate response from Iran's U.N. mission or other Iranian officials. Saudi Arabia expressed skepticism about the latest push for a deal. The proposal is reminiscent of a June deal that fell apart quickly, as Iran resumed attacks on shipping in the strait.

While President Donald Trump has expressed no urgency in reaching a deal, he may be inclined to be flexible for political gain before the midterms and to curb inflation fueled by high oil prices. However, there are concerns among Iran's hardliners who dominate the security forces and whether they will accept the moderate proposals championed by President Masoud Pezeshkian.

There are also indications of renewed diplomacy, with Iran's President hosting the Prime Minister of Qatar, a key mediator, this Friday. However, skepticism persists on both sides, with the U.S. and Israel accusing each other of violating the June agreement. Iran's push for speed may stem from the belief that the U.S. is using diplomacy to hinder Iran's ability to launch pre-emptive strikes before the midterms.