Iran President Pezeshkian Conditions Strait of Hormuz Navigation on Sanctions Removal
- Iran and US discuss phased deal for Strait of Hormuz navigation.
- Pezeshkian seeks deal *before* midterms; Trump suggests *after*.
- Oil prices fall on phased deal optimism; Iran demands US end ‘war’.
Reports emerged that Iran had offered to reopen the strategically vital Strait of Hormuz within 7 days if the United States eased military pressure and lifted its blockade on Iranian ports, leading to an initial decline in oil prices. However, these specific claims were subsequently denied by Fars News, citing Iranian sources. Despite the denial of a firm offer, senior Iranian officials confirmed that indirect talks with the U.S. took place on Tuesday, where the reopening of the Strait of Hormuz and the lifting of the US blockade were among the issues discussed. Iran’s broader conditions for ending hostilities include halting U.S. “acts of aggression,” ending economic warfare, and releasing Iranian assets, with a Qatari mediator facilitating discussions around the UN General Assembly. While diplomacy continues, U.S. Secretary of State Rubio characterized the talks as an exchange of ideas, indicating significant differences persist between the two sides.
Iranian President Masoud Pezeshkian declared in an address to the United Nations General Assembly in New York on Wednesday that the country will not allow freedom of navigation through the Strait of Hormuz while US sanctions and a blockade remain in place. Pezeshkian also stated Iran is ready for talks but will not respond to threats.
Reports indicate that US and Iranian negotiators are discussing a phased agreement regarding the Strait of Hormuz. Under this potential deal, Iran would reopen the Strait of Hormuz for navigation in exchange for the United States lifting its economic blockade and granting access to frozen Iranian assets. A senior Iranian official confirmed the plausibility of such an arrangement. However, negotiations are reportedly stalling as neither side wants to surrender its leverage. US President Donald Trump suggested a deal could be reached after the US midterm elections on November 3. Iran has also signaled flexibility on navigation fees.
Iranian President Masoud Pezeshkian indicated in an interview with NBC News on the sidelines of the United Nations General Assembly that Iran prefers a return to the Memorandum of Understanding (MOU) before the US midterm elections, stating, “We don’t want it to get to the midterm elections.” This preference for an earlier resolution contrasts with previous reports where US President Donald Trump suggested a deal could be reached after the November 3 midterm elections. President Pezeshkian is also scheduled for an interview with Fox News.
In an interview with Fox News aired on Thursday, Iranian President Masoud Pezeshkian stated that the United States “must choose” whether to end its “war” against the Islamic Republic, asserting that Tehran does not wish to continue fighting. Pezeshkian attributed the imposition of this ‘war’ to ‘instigations conducted by Israel’.
Oil prices fell on Friday, with international benchmark Brent crude declining 1% and U.S. West Texas Intermediate futures dropping 0.68%. This market movement was driven by optimism over reports that US and Iranian negotiators in New York are discussing a phased deal to resolve the standoff in the Persian Gulf. Separately, Iranian President Masoud Pezeshkian reiterated that the United States must choose to end its conflict with Iran, specifying the ongoing hostilities as a ‘seven-month war’.