Iranian President Masoud Pezeshkian has proposed a plan to reopen the Strait of Hormuz, a vital waterway for the world's oil supply, which has been at the center of the conflict between the US and Iran. Pezeshkian met with UN Secretary-General Antonio Guterres at the UN General Assembly in New York and stated that Iran has not walked away from the negotiating table, but no longer trusts the US due to past experiences. The proposal comes after nearly seven months of stalemate between the two nations.
Iranian Foreign Minister Abbas Araghchi held talks with Trump's envoy Steve Witkoff earlier in the week and outlined the conditions for ending the war and reopening the Strait of Hormuz. Araghchi stated that Iran has conveyed a concrete seven-day plan to the US through Qatar, which would allow for the reopening of the strait and normal maritime passage if the necessary conditions are met. The plan calls for a cessation of all hostilities in the Middle East, including in Lebanon, and the release of frozen Iranian assets estimated to be worth at least $12 billion.
The plan also requires the lifting of sanctions on Iranian oil and an end to the US naval blockade of Iran. In exchange, Iran would reopen the Strait of Hormuz on the seventh day of the truce. Pezeshkian stated that the process would begin immediately if the US accepts the plan. However, within hours of Araghchi's comments, The Wall Street Journal reported that Trump had rejected the proposal, citing US officials familiar with the matter.
Trump reportedly expressed skepticism that Tehran would meet his demands and added that he sees a renewed bombing campaign as likely. The US President also posted an image to his Truth Social platform of a map showing the Strait of Hormuz circled and labeled "Trump Strait". Iran's Revolutionary Guards spokesman Hossein Mohebi stated that Iran will not cease punishing the US until Iran's seven conditions are met.
Pezeshkian stated that Iran's supreme leader Mojtaba Khamenei backed the new plan and that coordination with the leader of the revolution had been carried out. The plan is based on a memorandum of understanding signed with the US earlier this year, which aimed to end the war, reopen the strait, and launch talks on Iran's nuclear program. However, the deal broke down shortly afterwards when Iran fired on commercial ships in Hormuz that it accused of deviating from its approved route.
The conflict between the US and Iran has also involved hostilities in Yemen, with Iran requiring ships to obtain authorization before passage through the Strait of Hormuz, citing security and sovereignty reasons. Ships that refuse to comply are regularly targeted, while the US sporadically bombs Iranian coastal areas in retaliation. Mohebi stated that ending hostilities in Yemen was also among Tehran's demands.
The rejection of Iran's plan has raised concerns about the potential for further escalation in the region. The Strait of Hormuz is a critical waterway for global oil supplies, and any prolonged closure could have significant economic implications. The situation remains tense, with both sides appearing to dig in for the long haul.
Key points
- Iran proposes a seven-day plan to reopen the Strait of Hormuz.
- Trump reportedly rejects the proposal.
- The conflict between the US and Iran has significant implications for global oil supplies.
