Iran's foreign minister has offered to reopen the Strait of Hormuz and restart nuclear talks with Washington within seven days, tying the offer to a ceasefire framework that collapsed in July. The proposal lands as Houthi missiles strike Saudi Arabia and Hormuz vessel transits sink to single digits, nearly seven months into the U.S.-Iran conflict.
Iran's Foreign Minister Abbas Araghchi has proposed reopening the Strait of Hormuz and resuming nuclear talks with the U.S. within seven days if the Trump administration accepts Tehran's conditions, he told reporters on the sidelines of the UN General Assembly.
Araghchi said the conditions are not new but track the Islamabad Memorandum of Understanding — a June ceasefire agreement between the U.S. and Iran that collapsed in early July. The Trump administration has previously said it will not return to the terms of that agreement.
Houthi missiles hit Saudi Arabia
The offer comes as Houthi forces fired dozens of missiles and drones at Saudi targets on Friday morning, with Saudi authorities saying they intercepted six ballistic missiles. Emergency alerts were issued in Mecca, Jeddah and Yanbu, and Saudi Arabia, Turkey and Pakistan planned an urgent meeting of their chiefs of staff under the Mecca Joint Defense Agreement.
Iranian President Masoud Pezeshkian has sought to distance Tehran from the escalation. According to Fox News, Pezeshkian said: "It's America that must choose whether it wants to end this or not", adding that Iran is not at war with Saudi Arabia and that the Houthis have their own issues.
Trump-Xi summit and falling transits
Vessel transits through the Strait of Hormuz fell to nine, far below peacetime levels, according to preliminary Reuters ship-tracking data, even though the strait normally carries about a fifth of global crude oil supply.
The diplomatic push coincides with a three-day state visit by Chinese President Xi Jinping to Washington, where Trump has sought Beijing's help pressuring Tehran toward a settlement after indirect U.S.-Iran talks resumed on the sidelines of the UN General Assembly this week.
Brent crude futures traded 0.4% lower at $106.22 per barrel on Friday morning, while U.S. West Texas Intermediate futures were down 1% at $93.61.
Source: CNBC
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