Iranian Foreign Minister Abbas Araghchi said Washington would have seven days after accepting Tehran’s proposed plan to meet conditions for reopening the Strait of Hormuz and restarting negotiations toward a final deal. The proposal, delivered through mediators, draws on the June Islamabad agreement covering sanctions relief, frozen assets and an end to military operations. Iran is awaiting a US response.

Reuters and Bloomberg earlier reported that US and Iranian negotiators in New York were discussing a phased exchange of Hormuz reopening for relief from the US blockade of Iranian ports. Reuters identified sequencing as the main obstacle, with neither side willing to give up its leverage first. Iran could also gain access to frozen assets and defer its demand for transit fees to a separate attachment without abandoning its claim to administrative control over the strait. Brent crude fell 3% after the report, then reversed the decline as Iranian state media journalist Mohammad Ghaderi disputed it, saying “no negotiations are underway” and insisting US compliance must come in a single step.

President Masoud Pezeshkian said Thursday that Iran wants to revive the June ceasefire understanding before November’s US midterm elections. “We don’t want it to get to the midterm elections,” he told NBC News and other news organizations at the UN General Assembly, countering President Donald Trump’s assertion that Tehran was waiting for the results. The June understanding outlined a temporary ceasefire but later collapsed. Pezeshkian also said Iran was open to inspections of its nuclear facilities.