Iran offers to reopen Strait of Hormuz if U.S. lifts its blockade and the war ends, officials say

CAIRO (AP) — Iran has offered to end its chokehold on the Strait of Hormuz in exchange for the U.S. lifting its blockade on the country and an end to the war, while proposing that discussions on the larger question of its nuclear program would come in a later phase, two regional officials said Monday.

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U.S. President Donald Trump seems unlikely to accept the offer, which was passed to the Americans by Pakistan and would leave unresolved the disagreements that led the U.S. and Israel to go to war on Feb. 28.

With a fragile ceasefire in place, the U.S. 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 U.S blockade is designed to prevent Iran from selling its oil, depriving it of crucial revenue while also potentially creating a situation where Tehran has to shut off production because it has nowhere to store the oil.

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

The closure has also had far-reaching effects throughout the world economy, raising the price of fertilizer, food and other basic goods.

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

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

It came as Iran’s foreign minister visited Russia, which has long been a key backer of Tehran. It’s unclear what, if any, assistance Moscow might offer now.

Strait of Hormuz remains blocked

Iran’s ability to choke off traffic in the Strait of Hormuz, the narrow mouth of the Persian Gulf, has proved one of its biggest strategic advantages in a war that has often boiled down to which side can take more pain.

Oil prices have risen steadily since the war began and tankers full of crude became stranded in the Persian Gulf, unable to safely transit through the strait and reach global distribution points.

On Monday, the spot price of Brent crude, the international standard, was trading at around $108 per barrel, nearly 50% higher than when the war began.

Iranian foreign minister holds talks as negotiations with US stall

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

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