Iran is maintaining its seven-day proposal for reopening the Strait of Hormuz, with Foreign Minister Abbas Araghchi stating that Iran will not soften its conditions. President Donald Trump, however, rejected the proposal, claiming Tehran has "overplayed its hand" and that the conditions would have been acceptable about a year ago. Despite rejecting the offer, Trump indicated that negotiations are expected to resume this week, while Araghchi emphasized that Iran is ready to open the strait if the US meets certain long-standing conditions.
The proposed deal aimed to resolve the impasse over the critical global energy chokepoint and was reportedly similar to a memorandum of understanding from mid-June, which led to a brief ceasefire. That prior agreement involved lifting US port blockades and sanctions on Iranian oil, and releasing frozen Iranian assets. Araghchi firmly stated that Iran has no reason to re-engage in diplomacy given repeated US aggression during Trump's second term, even threatening a "doomsday war" if provoked.
US Treasury Secretary Scott Bessent asserted that the US economic pressure campaign is effective, citing China, the largest buyer of Iranian oil, has "substantially reduced any assistance to Iran." Bessent predicted that Iran's final oil delivery to China would occur within the next two weeks, leaving them without further revenue, thereby increasing pressure for a deal. This economic strategy, dubbed "Operation Economic Outcast," has also seen Turkey, Oman, and the UAE halting flights from Iranian airlines and some banks ceasing transactions with Iran.
Iranian President Masoud Pezeshkian, speaking at the UN General Assembly, reiterated that Iran would not permit freedom of navigation through the Strait of Hormuz while sanctions and a US blockade remain in place. He also affirmed Iran's right to develop nuclear technology for economic purposes. Meanwhile, Saudi Arabia's Foreign Minister Faisal bin Farhan expressed concern over the international community's failure to keep vital passages like the Strait of Hormuz open, rejecting their use as tools for pressure.
