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Iran’s Foreign Minister Abbas Araghchi stated that his country has proposed an agreement to the United States to reopen the Hormuz Strait within one week.
“If the necessary conditions are met,” this reopening is possible, he told reporters at the United Nations headquarters in New York. According to him, these conditions were included in the memorandum of understanding signed in June.
“Now the decision lies in America’s hands,” Araghchi said. He explained that the plan was conveyed from Qatar to the US.
When asked about Iran’s proposal, a US official confirmed ongoing positive talks through intermediaries and said that discussions are also progressing on nuclear issues.
At the start of this week, US President Donald Trump warned that he would “destroy the Islamic Republic of Iran.”
Impact on Energy Prices
On February 28, the United States and Israel launched air strikes against Iran, in response to which Iran attacked US airbases in Israel and Gulf countries and also closed the Hormuz Strait.
Before the conflict began, about 20% of the world’s oil and liquefied natural gas shipments passed through this waterway. The closure of the Hormuz Strait triggered significant fluctuations in energy prices.
With the US presidential election approaching in November, pressure is growing to find a solution to end the ongoing conflict involving President Trump.
“If the necessary conditions are fulfilled, the waterway can be reopened, and normal traffic can be restored within seven days,” Araghchi told reporters.
He did not specify what actions the US would need to take but noted that “the steps required from the US are not new but are covered in the existing memorandum of understanding.”
Image credit, ISNA/WANA/REUTERS
All Preparations Complete
“I can say that if the US side is serious about the agreement to reopen the Hormuz Strait, all preparations have been completed,” Araghchi added.
A US official stated that with control over the Hormuz Strait, America is in a “much stronger position” and is not in any hurry.
The memorandum of understanding was signed on June 18 between the US and Iran to ensure a ceasefire and to partially reopen the Hormuz Strait.
The agreement included a fourteen-point clause assuring that Iran would never acquire nuclear weapons.
The US, Iran, and their partners agreed to cease all military operations and to ease the US naval blockade and sanctions.
The agreement also covered ensuring safe passage for commercial vessels in the Hormuz Strait and future discussions with Oman regarding transportation management.
However, the agreement broke down shortly after both sides resumed attacks.
Iran’s Support for the Houthis
Iran has claimed that it attacks ships crossing the Hormuz Strait without permission.
The US has launched attacks on Iranian bases and tankers located off the Iranian coast in the Hormuz Strait.
The US continues its blockade of Iranian ports, severely impacting Iran’s economy.
Subsequently, President Trump has claimed that the US has succeeded in exporting oil through this waterway.
Shipping data shows an average of 18 vessels transporting fuel daily over the past 10 days, though some days saw the number drop to nine.
Iran-backed Houthis in Yemen have intensified attacks aimed at disrupting oil exports from Saudi Arabia through the Red Sea.
This month, the group captured major strategic areas along the Red Sea coast.
Among these is the Mocha port on the Bab al-Mandab Strait, another crucial route for global shipping.
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