Summary

Iran could restore normal shipping through the Strait of Hormuz within a week if Washington accepts a peace plan proposed by Tehran last month, Iranian Foreign Minister Abbas Araghchi has said. The terms were previously rejected by US President Donald Trump. The Islamic Republic remains "committed to safe and secure navigation in the Strait of Hormuz," Araghchi told a ministerial meeting of the Organization of Islamic Cooperation on Saturday, blaming disruptions to shipping through the key waterway on the "aggressive actions" of the US and Israel. "Through Qatar, we have conveyed a concrete seven-day plan: if the necessary conditions are met, the Strait can be reopened and normal maritime passage restored within seven days. The choice now rests with the United States.Tehran has offered to restore navigation through the crucial oil shipping route in exchange for Washington lifting its naval blockade, easing restrictions on the Islamic Republic's oil exports and releasing some frozen Iranian assets. Iran is also demanding an end to hostilities "on all fronts," including Israel's military operations in Gaza and Lebanon. "This issue will not be resolved on the battlefield. Peace cannot be built through threats of annihilation." Last month, Trump rejected Iran's terms as "unacceptable." He argued that the US retained full control over the strait and held a stronger negotiating position, while Iran was desperate to reach an agreement because it was "losing so badly." The US president has hinted that he could resume strikes, while American media outlets have reported that Pentagon officials and national security advisers briefed him on options involving the use of a massive conventional explosive nicknamed the "Mother of All Bombs." However, Trump and Israeli Prime Minister Benjamin Netanyahu have ruled out attacks on Iran before the US midterms on November 3 and Israel's parliamentary elections on October 27, respectively. Comment: In service to themselves. Iran closed the waterway, which handles around a quarter of global seaborne oil and LNG trade, shortly after the US and Israel launched their bombing campaign on February 28. Iranian forces have since fired on vessels traveling along routes designated by the US Navy, which Tehran considers illegal. Two oil tankers caught fire after striking mines while crossing the Strait of Hormuz on Saturday, Iran's Islamic Revolutionary Guard Corps (IRGC) said. The Singapore-flagged container ship GFS Pride also sank after striking a mine earlier this week, while another cargo vessel hit a mine but managed to reach port safely. The prolonged disruption of shipping through Hormuz has driven up global energy prices and fueled inflation concerns. Brent crude surged to a five-month high on Friday, settling at $109.86 per barrel, up 3.7%, while US benchmark West Texas Intermediate climbed above $100. Analysts have warned that uncertainty over Middle Eastern supplies is keeping a significant risk premium in oil prices, which could ease if Washington and Tehran reach an agreement restoring normal shipping.