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

Iran's Foreign Minister Abbas Araghchi has proposed a seven-day timeline to reopen the Strait of Hormuz to US interests, contingent on specific conditions outlined in a memorandum of understanding (MOU) signed between the US and Iran in June. The plan, delivered via Qatar, is awaiting a response from the US, with some reports suggesting President Donald Trump has expressed skepticism.

The Strait, which traditionally facilitates about 20% of global oil and liquefied natural gas trade, has witnessed a surge in attacks following the US-led airstrike on Iran on February 28. The closure of the strait has sparked energy price fluctuations, prompting the US to seek a resolution ahead of the November Congressional elections.

Araghchi emphasized that reopening the strait hinges on the US meeting pre-set conditions, stating that Iran's readiness for such an agreement is contingent on the US' willingness to engage. Iranian President Masoud Pezeshkian echoed this sentiment, asserting that negotiations would resume immediately upon agreement. Iran has also indicated its willingness to permit UN nuclear inspectors into the country, challenging the US's assertions of non-nuclear pursuit.

Despite the US maintaining control over the Strait, US officials have indicated they are not in a hurry to resolve the issue. The MOU, which aimed to facilitate a ceasefire and strait reopening, faltered after both sides resumed hostilities, leading to ongoing confrontations and the intensification of attacks by Iran-aligned groups on Saudi Arabia's oil infrastructure.