Iranian Foreign Minister Abbas Araghchi says Tehran has proposed a deal to the US under which normal passage through the Strait of Hormuz could resume within seven days, if conditions in a June ceasefire memorandum are met.
The 14-point memorandum, signed on 18 June, included a commitment that Iran would never have a nuclear weapon, an end to military operations by the US, Iran and their allies across all fronts, an end to the US naval blockade and sanctions relief. It also called for Iran to use its best efforts to ensure safe passage for commercial ships and to discuss future shipping arrangements with Oman. The agreement fell apart after both sides resumed strikes.
A US official told Reuters that positive discussions were taking place through mediators, including on nuclear issues. Before the war, about 20% of the world's oil and liquefied natural gas passed through the strait; its closure has caused wild price fluctuations.
