US and Iran explore phased deal to reopen Strait of Hormuz

US and Iranian negotiators are exploring a phased deal to reopen the Strait of Hormuz in exchange for Washington lifting its naval blockade of Iranian ports, with Qatari officials mediating talks on the sidelines of the UN General Assembly. The proposed agreement would follow a sequenced approach similar to a June memorandum of understanding that led to a fragile ceasefire, which later collapsed. Iranian Foreign Minister Abbas Araghchi offered a new seven-day proposal, while a White House official said President Donald Trump remains open to talks but stressed the US holds a strong position due to sanctions and the blockade. Oil prices fell on the news, with Brent sliding toward $106 a barrel after rising over 7% in the previous two days. Iranian President Masoud Pezeshkian insisted Tehran won't allow freedom of navigation while sanctions and the blockade remain, and conditions include unfreezing Iranian assets and ending the war "on all fronts," apparently referencing Israel's campaign against Hezbollah.