Where things stand after Iran’s new pitch for a deal to open the Strait of Hormuz

Iran's diplomatic efforts for a deal to open the Strait of Hormuz have been intense, but the outcome remains uncertain. President Donald Trump and Iran's President Masoud Pezeshkian visited New York for the U.N. gathering of world leaders, proposing a deal that would end fighting and open the strategic waterway within seven days.

The proposed deal, however, includes conditions similar to those in the June agreement, which fell apart shortly after its signing. Iran seeks to open the Strait, ease global markets, and help its economy, while the U.S. demands the release of frozen Iranian assets, a halt to sanctions on oil sales, and an end to Iran's military blockade of Iranian ports.

The U.S. and Iran held three hours of indirect talks via mediators, their first since June. While the U.S. expressed openness to further discussions, Trump threatened to "annihilate" Iran in his speech at the U.N. gathering. Iran's Foreign Minister indicated that Tehran remains open to diplomacy, but the White House only said U.S. officials were having positive and constructive conversations with mediators.

The White House still has not elaborated on President Trump's "Trump Strait" social media post. Analysts suggest that Iran's rush for a deal could be driven by the upcoming midterm elections. The situation remains tense, with both sides holding their ground amid economic pressures.