The Strait of Hormuz could reopen within days if the US meets Tehran’s terms, Iran’s foreign minister said on Sunday. Abbas Araghchi told the Tasnim news agency that Iran is still reviewing US comments on its plan.
Iran’s seven-day plan
Iran presented a seven-day ceasefire proposal in September. Under it, the strait would reopen on the sixth day, and talks would start on the seventh. However, the terms are tough. Iran wants the US to end its naval blockade and lift sanctions on Iranian oil. It also wants a ceasefire on all fronts.
“Our conditions are fair,” Araghchi told Tasnim, as CBS News reported.
Attacks near the Strait of Hormuz hit a weekly high
Meanwhile, shipping keeps coming under fire. The UK Maritime Trade Operations (UKMTO) centre counted attacks on at least 10 vessels in or near the strait in the past week. That is the highest weekly count since the war began in February. In addition, it has logged 23 attacks this month, almost double the average.
The attacks have spread. For example, two unknown projectiles struck a tug off the UAE, causing one minor casualty. On Friday, attackers also hit two tankers off Saudi Arabia, CNBC reported. One was 78 nautical miles north-east of Al Jubayl.
Why it matters for India
India buys much of its crude from the Gulf. Therefore, a reopening deal could ease freight and insurance costs for its refiners. Until then, risk stays high. Our analysis of Hormuz flows and Asian crude arrivals explains why import data can look normal even now.
