Iran dangles deal to reopen Strait of Hormuz amid US sanctions and midterms

Iran has reportedly put forward a new seven-day proposal to the United States aimed at reopening the crucial Strait of Hormuz and initiating nuclear discussions. Under the terms, Tehran would reopen the strategic waterway on the sixth day, followed by the start of nuclear talks on the seventh, provided the US lifts its economic blockade, allows Iranian oil exports, ends military actions in the region, and releases frozen assets. This expedited timeline aims to accelerate elements from a previous Memorandum of Understanding signed in June.

The proposal comes as both nations navigate ongoing diplomatic efforts ahead of the upcoming US midterm elections in November. Iranian President Masoud Pezeshkian has indicated a preference for reaching an agreement before the elections, while US President Donald Trump has suggested Iran might be delaying a deal until after the vote. Negotiations involve significant challenges, as both sides are reluctant to concede their primary leverage: Iran's control over the Strait and the US's economic sanctions.

Iranian officials, including Foreign Minister Abbas Araghchi, have conveyed the plan to US mediators and garnered support from China and Oman for the proposed arrangement. However, a senior US official noted that the administration maintains a strong negotiating position, believing existing sanctions have severely impacted Iran's economy.