Iran offers to reopen Hormuz within a week if U.S. lifts blockade

Iran has offered to reopen the Strait of Hormuz within a week if the U.S. lifts its naval blockade, a proposal that could restore traffic through the strategic waterway and revive hopes for a diplomatic end to the seven-month war. Tehran communicated its conditions through Qatari mediators in New York, demanding a halt to U.S. "acts of aggression," an end to the blockade and economic warfare, and the release of Iranian assets, according to foreign ministry spokesman Esmaeil Baghaei. President Donald Trump told reporters that U.S. officials held a "very good" three-hour meeting with Iranian envoys, though he also threatened to "annihilate" Iran and called for its complete economic isolation. Shipping through Hormuz remains at about 38% of its pre-war baseline, with Iran's crude exports falling to zero in September. Oil prices have drifted lower on diplomatic hopes, with Brent crude at $98.37 per barrel. An interim peace deal collapsed in July, and Trump said he expects an agreement after November's midterm elections.