US and Iran discuss phased deal to reopen Hormuz and end US blockade, sources say
USO•US and Iranian negotiators are exploring a phased arrangement in which Iran would reopen the Strait of Hormuz and the US would lift its economic blockade. Iran may also gain access to frozen assets, while sources say the sides remain reluctant to give up leverage.
1. Phased proposal
Negotiators in New York are exploring a phased path out of the nearly seven-month conflict. A senior Iranian official said the first stage could end the US blockade and reopen Hormuz, with Tehran potentially gaining access to frozen assets.
2. Leverage and timing
Sources said neither side wants to surrender leverage without receiving something in return. Former US negotiator Dennis Ross put the chance of an agreement before the November 3 midterm elections at 30%; he said both sides may have stronger reasons to reach a deal before than after the vote.
3. Disputes remain
Regional sources said Iran may move its demand for transit fees to a side attachment, while Gulf states reject those fees and any Iranian control of the strait. An Iranian official said Tehran may defer the toll issue but would not give up administrative control of the waterway.
