Iran is offering to reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports, a senior Iranian official told Reuters on Tuesday. According to Reuters, the Iranian proposal has already been conveyed to Washington through mediators.
From Tehran's perspective, however, the first move must come from Washington, the official said. "The US needs to announce that it wants to resolve the issue diplomatically, make that official, and then agree on a timeline for moving the process forward," he added.
The official said Iran was prepared to consult with mediating countries during this week's UN General Assembly in New York to explore the possibility of renewing contacts.
The Iranian message comes as shipping through the Strait of Hormuz remains severely restricted. According to Kpler data cited by Reuters, traffic through the strait has fallen to a fraction of prewar levels, when about 125 large commercial vessels passed through the waterway each day.
The proposal also comes amid mounting economic pressure on Iran. Reuters reported earlier this month that the US blockade had brought Iranian crude exports through Hormuz to a near standstill for weeks, cutting into one of Tehran's main sources of foreign-currency revenue.
At the same time, Iran is seeking to capitalize on the campaign being waged by the Houthis in the Red Sea. Houthi advances around the Bab el-Mandeb Strait and threats against vessels linked to Saudi oil exports have added pressure to another of the world's major shipping routes.
The Iranian proposal is now under consideration in Washington, with the UN General Assembly providing both sides an opportunity to hold indirect contacts through mediating countries.
Tehran is presenting the reopening of Hormuz as part of a broader process that would lead to reduced military activity and a resumption of negotiations. Its condition, however, is that the United States take the first step and formally signal its willingness to return to diplomacy.
The Strait of Hormuz is a crucial route for global oil and gas shipments, and disruptions there continue to reverberate through energy markets. Reports of the Iranian offer have already affected markets, with oil prices falling on Tuesday as investors weighed the possibility that shipping through the strategic waterway could resume.
