Iran ‘offers to reopen Strait of Hormuz if US lifts its blockade and the war ends’

Iran has offered to end its stranglehold on the Strait of Hormuz in return for the US lifting the blockade on the country and ending the war, while proposing that discussions on the broader issue of its nuclear program would take place at a later stage, two regional officials say.

It seems unlikely that US President Donald Trump will accept the offer made by Pakistan to the Americans, which would leave unresolved the differences that led to the US and Israel going to war on February 28.

With a fragile ceasefire in place, the US 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 US blockade is intended to prevent Iran from selling its oil, depriving the country of crucial revenue and potentially creating a situation where Tehran has to halt production because it has nowhere to store the oil.

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

The shutdown has also had far-reaching consequences for the entire global economy, driving up the price of fertilizer, food and other basic goods.

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

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

It came as Iran’s foreign minister visited Russia, which has long been a key backer of Tehran. It is unclear what help Moscow could provide now.

The Strait of Hormuz remains blocked

Iran’s ability to slow traffic in the Strait of Hormuz, the narrow mouth of the Persian Gulf, has proven to be one of its greatest strategic advantages in a war that often comes down to which side can endure the most pain.

Oil prices have risen steadily since the war began and tankers full of crude became stranded in the Persian Gulf, preventing them from safely transiting the strait and reaching global distribution points.

On Monday, the spot price of Brent crude, the international standard, was trading at about $108 a barrel, almost 50 percent higher than when the war began.

Iran’s foreign minister holds talks as negotiations with the US stall

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

According to Iran’s state news agency IRNA, 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 discuss with our Russian friends the developments that have occurred during this period regarding the war and what is happening now,” Araghchi said in a video interview posted by IRNA.

It comes at a time when Pakistan has been trying to revive stalled talks between Iran and the US, with talks expected in Islamabad this weekend. Instead, Trump canceled a trip by his envoys and suggested the talks could take place by telephone 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 telephone on Sunday with colleagues in Qatar and Saudi Arabia.

Iran wants to convince Oman to support a mechanism to collect tolls from ships 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 was not immediately clear.

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

Trump says Iran has made a ‘much better’ proposal

Trump told reporters on Saturday that after canceling a trip by his envoys to Pakistan, Iran had sent a “much better” proposal.

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

At least 3,375 people have been killed in Iran since the start of the war and at least 2,509 people have been killed in Lebanon, where fighting between Israel and the Iranian-backed militant group Hezbollah resumed two days after the start of the war with Iran. Another 23 people have been killed in Israel and more than a dozen in the Arab Gulf states. Fifteen Israeli soldiers in Lebanon, thirteen American soldiers in the region and six UN peacekeepers in southern Lebanon have been killed.

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