Iran has proposed a new seven-day ceasefire plan to the U.S.

Iran has presented the U.S. with a new seven-day plan aimed at reopening the Strait of Hormuz and resuming broader negotiations to achieve a final resolution to the war in the Middle East that began more than half a year ago. Abbas Araghchi, the foreign minister of the Islamic Republic, made this announcement to reporters on the sidelines of the UN General Assembly, according to the Financial Times.

“We have presented a plan to the United States through intermediaries, under which, provided certain conditions are met <...> the [Strait of Hormuz] would be opened in seven days,” and Iran and the U.S. would resume negotiations to conclude a final peace agreement, the head of the Iranian ministry said. He did not specify exactly what conditions were involved.

According to Araghchi, Iran’s proposal is based on a memorandum of understanding that the U.S. and Iran agreed upon in June. That agreement extended the April accord on a temporary ceasefire in the Middle East by 60 days. During this time, the U.S. was supposed to grant permission for the export of Iranian oil and lift the military blockade on Iranian tankers, while shipping through the Strait of Hormuz was supposed to gradually return to pre-war levels.

Now, however, Aragchi noted, Tehran is “in no hurry” to conclude an interim deal: “I think it would be much better if this [agreement on a ceasefire] were to happen before the midterm elections [in the U.S.], but the decision rests with the U.S. administration,” he explained, emphasizing that the Iranian side “is not concerned about the timeline.” “But the plan is crystal clear. As soon as they [the U.S.] accept it, this timeline can be launched the very next day, and in seven days the strait will be open,” the Iranian foreign minister emphasized.

A White House spokesperson declined to comment on Iran's proposal but noted that the United States and Iran are "engaged in positive and constructive talks through intermediaries."

Reuters reported yesterday, citing sources, that the parties are discussing a gradual end to the war, which is expected to lead to the resumption of traffic in the Strait of Hormuz and the lifting of the naval blockade on Iranian ports and ships.

The price of Brent crude is falling by about 1% amid the resumption of talks between the U.S. and Iran—it is trading around $105.4 per barrel. U.S. WTI crude is down 2%, trading at $92.66.

This article was AI-translated and verified by a human editor