Iran offers to reopen Strait of Hormuz if US lifts its blockade and the war ends, officials say

With a fragile ceasefire in place, the U.S. and Iran are locked in a standoff over the strait, through which a fifth of the world’s traded oil and gas passes in peacetime. The U.S blockade is designed to prevent Iran from selling its oil, depriving it of crucial revenue while also potentially creating a situation where Tehran has to shut off production because it has nowhere to store the oil.

The strait’s closure, meanwhile, has put pressure on Trump, as oil and gasoline prices have skyrocketed ahead of crucial midterm elections, and it has pressured his Gulf allies, which use the waterway to export their oil and gas.

The closure has also had far-reaching effects throughout the world economy, raising the price of fertilizer, food and other basic goods.

The proposal would push off negotiations on Iran’s nuclear program to a later date. Trump said one of the major reasons he went to war was to deny Iran the ability to develop nuclear weapons.

The two officials, who had knowledge of the proposal, spoke on condition of anonymity to discuss the closed-door negotiations between Iranian and Pakistani officials this weekend. The Axios news outlet first reported Iran’s proposal.

It came as Iran’s foreign minister visited Russia, which has long been a key backer of Tehran. It’s unclear what, if any, assistance Moscow might offer now.

Strait of Hormuz remains blocked

Iran’s ability to choke off traffic in the Strait of Hormuz, the narrow mouth of the Persian Gulf, has proved one of its biggest strategic advantages in a war that has often boiled down to which side can take more pain.

Oil prices have risen steadily since the war began and tankers full of crude became stranded in the Persian Gulf, unable to safely transit through the strait and reach global distribution points.

On Monday, the spot price of Brent crude, the international standard, was trading at around $108 per barrel, nearly 50% higher than when the war began.

Iranian foreign minister holds talks as negotiations with US stall

Trump last week indefinitely extended the ceasefire the U.S. and Iran agreed to on April 7 that has largely halted fighting. But a permanent settlement remains elusive in the war that has killed thousands of people.

Iran’s state-run IRNA news agency said Foreign Minister Abbas Araghchi landed in St. Petersburg on Monday morning ahead of a meeting with Russian President Vladimir Putin.

“It is a good opportunity for us to consult with our Russian friends about the developments that have occurred in relation to the war during this period and what is happening now,” Araghchi said in a video interview posted by IRNA.

It comes as Pakistan has been seeking to revive stalled talks between Iran and the U.S., and negotiations had been expected in Islamabad over the weekend. Instead, Trump called off a trip by his envoys and suggested the talks could take place by phone instead.

Over the weekend, Araghchi made two stops in Pakistan and a visit to Oman, which shares the strait with Iran. He also spoke by phone with counterparts in Qatar and Saudi Arabia on Sunday.

Iran wants to persuade Oman to support a mechanism to collect tolls from vessels passing through the strait, according to a regional official who spoke on condition of anonymity because he was not authorized to discuss the matter.

Oman’s response wasn’t immediately clear.

The official, who is involved in mediation efforts, also said Iran insisted on ending the U.S. blockade before new talks and that Pakistan-led mediators are trying to bridge significant gaps between the countries.

Trump says Iran has offered a ‘much better’ proposal

Trump told journalists Saturday that after he called off a trip by his envoys to Pakistan, Iran sent a “much better” proposal.

He did not elaborate but stressed that one of his conditions is that Iran “will not have a nuclear weapon.” Iran insists its program is peaceful, but the U.S. wants to remove Tehran’s stockpile of highly enriched uranium, which could be used to build a bomb, should Tehran choose to pursue one.

Since the war began, at least 3,375 people have been killed in Iran and at least 2,509 people in Lebanon, where fighting between Israel and the Iran-backed Hezbollah militant group resumed two days after the Iran war started. Another 23 people have been killed in Israel and more than a dozen in Gulf Arab states. Fifteen Israeli soldiers in Lebanon, 13 U.S. service members in the region and six U.N. peacekeepers in southern Lebanon have been killed.

The ceasefire between Israel and Hezbollah has been extended by three weeks. Hezbollah has not participated in the Washington-brokered diplomacy.

Gambrell reported from Dubai, United Arab Emirates, and Becatoros reported from Athens, Greece. AP journalist Munir Ahmed in Islamabad contributed to this report.