Iran urges U.S. to accept Hormuz reopening proposal

Iran's Foreign Minister Abbas Araqchi reiterated on Sunday that his country's proposal for reopening the Strait of Hormuz remains in effect. Araqchi declared the proposal "still on the table" during a meeting with reporters in Baghdad. He added that reopening the strait is "obvious."

Back in mid-September, Iran presented a new proposal to reopen Hormuz, which the United States acknowledged. However, negotiations have stalled, with Iran accusing the U.S. of being slow to act. The U.S. has largely stuck to its position that Iran must suspend its nuclear program, a central point of contention between the two nations. Tehran, in turn, has demanded that the U.S. lift its naval blockade, ease sanctions on oil exports, unfreeze some of Iran's overseas assets, and cease hostilities across the board.

Araqchi suggested that if Washington accepts Iran's offer, the Strait could reopen within six days. Hormuz's closure has been a significant issue for the global economy, as the waterway once accounted for about 20% of worldwide oil consumption before the conflict. Oil prices have remained propped up due to the strait's ongoing blockade. While flows through Hormuz have shown some improvement in September, Iran ramped up its attacks on shipping this month, further reducing flows.