Iran has reportedly offered to end its chokehold on the Strait of Hormuz in exchange for the US lifting its blockade on the country and an end to the war. It has also been reported that discussions on the larger question of its nuclear programme would come in a later phase. Two regional officials said that the offer was passed to the Americans by Pakistan after closed-door negotiations between Iranian and Pakistani officials this weekend. 

 

With a fragile ceasefire in place, the US 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 US 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 US President Donald 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. 

 

Meanwhile, Iran’s Foreign Minister Abbas Araghchi has reached Saint Petersburg to hold crucial talks with Russian President Vladimir Putin amid the West Asia conflict. Iranian officials have described the visit as part of ongoing close consultations between Tehran and Moscow, with both countries sharing similar positions on key regional and international issues. Mr Araghchi’s visit to Russia follows his recent trip to Oman, where he met Sultan Haitham bin Tariq.