US and Iran negotiating a phased deal to reopen the Strait of Hormuz
Negotiators are meeting on the sidelines of the United Nations to hold talks on lifting the blockade and reopening the strait.
US and Iranian officials are discussing a phased agreement aimed at reopening the Strait of Hormuz and lifting Washington's economic blockade against Tehran.
Contacts on the Sidelines of the United Nations
Gathering on the sidelines of the United Nations General Assembly, the parties are discussing a phased resolution of the crisis, with the first phase involving ending the blockade and reopening the strait.
Developments in Oil Prices
These ongoing diplomatic talks have resonated in global markets, causing Brent crude oil prices to drop to $105.46 per barrel.
Different Statements from the Parties
While a US official described the talks as positive and constructive, Iranian officials reported that the chances for diplomacy are low due to excessive demands.
Iranian Foreign Minister Abbas Araghchi announced that Iran has put forward a new seven-day proposal to reopen the strait provided that the US meets certain conditions.
Positions of Tehran and Washington
Iranian President Masoud Pezeshkian reiterated that the strait will not be opened until US sanctions and the naval blockade are completely lifted.
US President Donald Trump repeated his warnings that he could annihilate Iran if the negotiations stall.