After months of war and disruption to one of the world’s most important energy routes, Tehran has put an offer on the table. The price: Washington must ease military pressure and lift its blockade of Iranian ports.
Iran says it could reopen the Strait of Hormuz within seven days if the United States takes initial steps to ease military pressure and lift its blockade of Iranian ports.
The proposal, disclosed by a senior Iranian official as world leaders gather for the UN General Assembly in New York, comes amid tentative signals from both Washington and Tehran that negotiations could resume. US President Donald Trump has said he would be open to meeting Iranian President Masoud Pezeshkian.
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But the situation at sea remains extraordinarily dangerous.
Preliminary shipping data showed that just two commodity vessels crossed Hormuz on Monday, compared with around 125 large commercial vessels a day before the conflict began. Two other vessels were reportedly struck in separate incidents around the strait, although responsibility has not been established.
The importance to Sri Lanka is difficult to overstate. Hormuz normally carries roughly 20 per cent of global crude oil and LNG supplies, meaning disruption feeds directly into international energy prices and ultimately into the cost of fuel-dependent economies.
Markets immediately noticed the diplomatic opening. Oil fell to a two-week low as traders absorbed both Iran’s Hormuz proposal and developments in Saudi Arabia.
There is still a very large distance between an offer and an agreement.
But after months in which Hormuz has largely been discussed in terms of missiles, ships and blockades, there is finally another word in the conversation:
Negotiation.
