US and Iranian negotiators in New York are exploring a phased arrangement under which Tehran would reopen the Strait of Hormuz and Washington would lift its economic blockade, sources close to the talks said; Iran could also gain access to frozen assets.
Neither side wants to surrender its leverage first, sources said. A previous temporary understanding collapsed in July, and any concessions would need to be durable enough to build trust. Trump has said a deal could come after the Nov. 3 midterms, while former US negotiator Dennis Ross estimated a 30% chance of agreement before the vote. A White House official said Trump remained open to talks under the right circumstances but had no need to negotiate.
Regional sources said Tehran was willing to move its demand for Hormuz transit fees out of the main deal and into a side attachment, as ending the blockade had become more urgent. Gulf states reject the fees, and the sources said any arrangement would be temporary, not a formal abandonment of Iran's position. An Iranian official said Tehran would not give up administrative control of the strait.
