US and Iran Seek Phased Deal to Reopen Strait of Hormuz

US and Iranian negotiators are discussing a phased agreement to end their conflict, under which Iran would reopen the Strait of Hormuz in exchange for the US lifting its economic blockade. The talks are stalled because neither side wants to give up its leverage first. The negotiations in New York focus on a step-by-step arrangement, with Iran potentially receiving frozen assets. A senior Iranian official said the first phase would involve ending the blockade and reopening the strait, while the US seeks to secure freedom of navigation through the vital oil route. The talks face significant hurdles, including US President Donald Trump's preference for a deal after the November congressional elections. Former negotiator Dennis Ross estimates only a 30% chance of an agreement before the vote, though both sides may have stronger incentives to reach a deal beforehand.