Iran has been negotiating with the United States in New York through a Qatari mediator and has relayed its terms for ending the seven-month war on all fronts, according to regional media reports.
Iranian foreign ministry spokesman Esmaeil Baghaei said Tehran is demanding an end to what it calls U.S. “acts of aggression,” the lifting of the naval blockade and economic warfare, and the release of Iranian assets.
The proposal also sets out concrete terms for restoring traffic through the Strait of Hormuz. Before the war, the waterway handled about a fifth of global oil and gas shipments, so the move has revived fragile hopes for a diplomatic exit from the conflict.
Separately, a senior Iranian official said Tehran could reopen the strait within a week if the U.S. eases military pressure and lifts its blockade of Iranian ports.
U.S. President Donald Trump told the United Nations General Assembly on Tuesday that he faced a choice between a deal and more aggressive military action. He later told reporters that U.S. officials had a “very good” three-hour meeting with Iranian envoys on the sidelines.
“Will a deal be made with Iran? Or do I annihilate the Islamic Republic, and do it quickly?” Trump said. He also called on all countries to “enforce the complete economic isolation of Iran.”
Trump also said he expected an agreement after November’s midterm elections, arguing that Iran was waiting to see how he performed politically.
Shipping through Hormuz remains far below normal levels. Kpler said confirmed transits through the strait averaged 6.98 million barrels a day in the seven days to Sept. 20, or about 38% of the pre-war baseline of 18.3 million barrels a day.
Iran’s own crude exports have meanwhile dried up after the U.S. reinstated its naval blockade. According to Kpler, Iranian crude loadings have fallen to zero so far in September, down from 893,000 barrels a day in July.
The shipping research agency said Tuesday that the strait is “increasingly a Saudi-controlled shuttle corridor.” Saudi Arabia has shifted exports to its Gulf coast after a Houthi attack earlier this month halted flows on its East-West pipeline to the Red Sea port of Yanbu.
An interim peace agreement between Washington and Tehran collapsed in July, only weeks after it was signed, and neither side has indicated when the next round of talks may take place.
Oil prices moved lower on hopes of a diplomatic opening. Brent crude futures slipped 0.9% to $98.37 a barrel, while U.S. West Texas Intermediate futures fell 1.5% to $89.16 per barrel.
