US and Iran Seek Phased Agreement on Reopening Strait of Hormuz and Lifting Economic Blockade

The United States and Iran are exploring a phased agreement in which Iran would reopen the Strait of Hormuz in exchange for the U.S. lifting its economic blockade on Iranian ports, Bloomberg reported on the 24th local time.

Citing an anonymous source familiar with the discussions, Bloomberg reported that the negotiating teams from both countries have been holding these talks on the sidelines of the UN General Assembly in New York, mediated by Qatar.

If the U.S. and Iran reach a phased agreement, it is likely to follow a similar framework to the Islamabad Memorandum of Understanding signed by both sides in mid-June.

The ceasefire agreed upon through that MOU at the time collapsed a few weeks later.

A White House official told Bloomberg that President Donald Trump remains open to dialogue with Iran.

However, the official emphasized that as a result of sanctions and the naval blockade, the U.S. is in a position of strength and negotiations are not strictly necessary from the U.S. perspective.

The U.S. and Iran have repeatedly alternated between negotiations and breakdowns since the war began in February of this year.

Bloomberg reported that the main sticking points have been differences between the two sides over the conditions and sequence for reopening the Strait of Hormuz, as well as the question of when Iran will be able to access Iranian funds frozen by the U.S.

During his speech at the UN General Assembly in New York, Iranian President Masoud Pezeshkian emphasized that Iran will not allow free navigation in the Strait of Hormuz as long as sanctions and the U.S. naval blockade remain in place.

According to Iranian state media reports, Iranian Foreign Minister Abbas Araghchi represented Tehran in the negotiations, presenting Iran's "firm stance" regarding the reopening of the Strait of Hormuz.

The conditions demanded by Iran include the immediate lifting of the U.S. naval blockade, the unfreezing of Iranian assets, and ending the war "on all fronts."

Bloomberg interpreted the phrase "on all fronts" as a demand to halt operations conducted by Israel against Hezbollah in Lebanon.

Earlier on the 22nd, during a speech at the UN General Assembly where he suggested that Iran could be obliterated if no agreement is reached, President Trump told reporters shortly afterward that talks between the U.S. and Iran had resumed after several months.

At the time, President Trump stated that Iranian Foreign Minister Araghchi, U.S. Special Envoy Steve Witkoff, and Trump's son-in-law Jared Kushner held a "very productive" three-hour meeting in New York.

(Photo: AP, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.