US-Iran Negotiate Phased Deal to Reopen Strait of Hormuz Amid Ongoing Conflict
Thestandard · 2 SOURCESabout 6 hours ago2 MIN
Summary
US and Iranian negotiators meeting in New York are working on a phased framework to end the nearly seven-month conflict, with the Strait of Hormuz serving as the central bargaining chip. Iranian Foreign Minister Abbas Araghchi presented a concrete seven-day plan at the United Nations on Friday, while officials acknowledged the significant challenge of ensuring concessions remain durable enough for mutual trust.
Key Points
- Iranian Foreign Minister Abbas Araghchi said Tehran conveyed through Qatar a concrete seven-day plan that would restore normal maritime passage through the Strait of Hormuz if necessary conditions are met
- Araghchi met with US President Donald Trump's envoy Steve Witkoff for talks on Tuesday to discuss conditions for ending the war and reopening the vital energy shipping channel
- The plan reportedly calls for a seven-day cessation of all hostilities across the Middle East, including in Lebanon, release of at least US$12 billion in frozen Iranian assets, and lifting of oil sanctions
- A senior Iranian official said the most plausible path forward would be staged: first end the US blockade, then reopen Hormuz, with potential access to frozen assets for Tehran
- US President Trump has said he believes a deal could be reached after November 3 midterm elections, while a senior European official noted Iran has "a very long list of demands"
Why It Matters
The Strait of Hormuz handles roughly one-fifth of the world's oil supply, making any blockade or reopening a matter of global economic significance. A phased agreement would represent the first major step toward de-escalation in a conflict that has disrupted global energy markets and drawn in regional powers across the Middle East .
The Strait of Hormuz handles roughly one-fifth of the world's oil supply, making any blockade or reopening a matter of global economic significance. A phased agreement would represent the first major step toward de-escalation in a conflict that has disrupted global energy markets and drawn in regional powers across the Middle East .