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

ByJaroslav Lukiv and Chris Graham.

Key points

• Iranian Foreign Minister Abbas Araghchi notes his country has proposed a agreement to the US that would see the Strait of Hormuz reopened within a week.
• The US and Israel introduced air strikes on Iran on 28 February.
• The MOU between the US and Iran, signed on 18 June, was designed to bring regarding a ceasefire and at least partly reopen the Strait of Hormuz.
• During his speech at the UN General Assembly this week, Trump remarked he believed an Iran agreement.
• "The choice now rests with the United States, " he remarked, adding the plan was delivered to the US via Qatar.

Araghchi remarked to journalists at the UN in New York that this could be done "if the necessary conditions are met" and stated these were contained within the memorandum of understanding (MOU) signed in June.

Asked regarding the Iranian offer, a US official informed the BBC positive discussions were taking place through mediators, including regarding nuclear matters. Earlier this week, US President Donald Trump threatened to "annihilate the Islamic Republic".

Notably, the US and Israel introduced air strikes on Iran on 28 February. Iran responded by attacking Israel and US bases in the Gulf and Arab Gulf allies of the US – as well as blocking the Strait of Hormuz.

Some 20% of the world's oil and liquefied natural gas applied to pass through the strait before the war and its closure has caused wild fluctuations of energy costs.

It has additionally climbed pressure on Trump to find a way of ending the conflict – particularly as the US heads to Congressional elections in November.

"If the necessary conditions are met, the strait can be reopened, a normal maritime passage restored within seven days, " Araghchi remarked to journalists.

He did not specify what steps Iran wanted the US to take but continued that "the actions that the United States should take are not new. They are all already in the MOU".

"I can tell you if there is seriousness in the US side to come to a deal and reopen the Strait of Hormuz, everything is now prepared, " he continued.

For context, a US official informed the BBC that the US was "in a very strong position with control of the Strait of Hormuz, so we are not in a rush".

Notably, the MOU between the US and Iran, signed on 18 June, was designed to bring regarding a ceasefire and at least partly reopen the Strait of Hormuz.

Meanwhile, the 14-point agreement remarked Iran would never have a nuclear weapon. It observed that the US, Iran and their allies would end military operations on "all fronts" and contained provisions including the end of a US naval blockade and sanctions relief.

It additionally stated Iran would "make arrangements using its best efforts for the safe passage of commercial vessels" through the strait and hold discussions with Oman over future shipping arrangements.

But it fell apart a short time afterwards when both sides resumed strikes.

Iran has attacked vessels it notes have attempted to cross the Strait of Hormuz without authorisation.

In practice, the US has attacked Iranian sites in the strait – as well as Iranian tankers off the country's coast. It has additionally maintained a blockade of Iranian ports, causing enormous disruption to the Iranian economy.

Trump since has asserted the US has been successful in getting oil out through the Strait of Hormuz.

Shipping data demonstrates a recent 10-day average of concerning 18 transits per day, with daily numbers dropping as low as nine vessels on certain days, according to Kpler, a commodities data and analytics firm cited by Reuters.

Nevertheless, Yemen's Houthis – allied to Iran – have lately intensified attacks aimed at disrupting oil exports from Saudi Arabia via the Red Sea on the other side of the Arabian peninsula.

Meanwhile, the group seized sizeable strategically notable stretches of the Red Sea coast in a rapid offensive this month, including the port of Mokha. It overlooks the Bab al-Mandab Strait, another chokepoint for global shipping.

Notably, the situation has been exacerbated by Houthi attacks on Saudi oil installations. US media has documented that Saudi Crown Prince Mohammed bin Salman has requested military backing from Trump.

During his speech at the UN General Assembly this week, Trump remarked he believed an Iran agreement. It has so far eluded him, would come right after November's elections.

"Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before?" he remarked.

"Or do I annihilate the Islamic Republic and do it rapidly, never giving them a chance to kill and destroy residents and countries again? Do I drive them into hell?"

On Friday, Araghchi remarked Iran did not accept "coercion, threats or intimidation" and went on that "peace cannot be built through threats of annihilation".

For now, iran offers US deal to reopen Strait of Hormuz in seven days remains the part of the story worth watching, and further updates are likely as more details are confirmed.