Iran offers Strait of Hormuz reopening in exchange for asset release

Iranian President Masoud Pezeshkian announced on Saturday, 26 September, that Supreme Leader Mojtaba Khamenei has endorsed a new proposal to reopen the Strait of Hormuz. The plan, disclosed in an interview with CBS and reported by state news agency IRNA, offers to restore access to the strategic waterway within seven days if the United States meets specific conditions. Pezeshkian confirmed that a six-member Iranian delegation, comprising officials from the military, parliament, and government, has been granted the authority to negotiate the deal. The proposal seeks a cessation of all regional hostilities and a 60-day regionwide ceasefire as part of a broader "roadmap" to de-escalate tensions in the Middle East. Demands for asset release and sanctions relief The Iranian plan hinges on the release of approximately $12 billion in frozen assets and the lifting of US sanctions on Iranian oil exports. Additionally, Tehran is demanding an end to the US naval blockade currently affecting Iranian waters. Foreign Minister Abbas Araghchi stated that these conditions align with a memorandum of understanding signed between the two nations in June. The Strait of Hormuz remains the world’s most critical oil chokepoint, with roughly one-fifth of global petroleum consumption passing through the narrow passage daily. Iran’s proposal reportedly includes a four-day deadline for Washington to respond to the initial framework. Regional impact and US response While Tehran insists it will fulfill…