Iran Offers to Reopen Hormuz in Exchange for Frozen Assets

Iran has proposed reopening the Strait of Hormuz within seven days, conditional on the US meeting specific demands, including releasing nearly 120 billion Swedish kronor in frozen assets and lifting sanctions on Iranian oil. The offer was made during UN General Assembly talks in New York. Foreign Minister Abbas Araghchi presented the proposal to US envoy Steve Witkoff and Jared Kushner, suggesting a one-week ceasefire across the Middle East, including Lebanon and Yemen. In exchange, Washington must unfreeze Iranian funds, lift the naval blockade, and remove all oil-related sanctions to restore tanker traffic through the strategic waterway. The proposal follows a failed summer agreement and comes amid harsh rhetoric from President Donald Trump, who threatened to "destroy" Iran. While Tehran's main leverage has been disrupting global oil exports, markets reacted positively to the ongoing talks, with Brent crude falling over 1 percent to $105.50 per barrel.