Iran says it will reopen Strait of Hormuz within 7 days if US meets list of demands

Iran's offer comes with 7 conditions, among them an end to the US blockade, which remains in place, Kyodo reports.

Iran says it will reopen the Strait of Hormuz within 7 days if the United States meets a list of demands, Kyodo reports. The list has 7 conditions, among them lifting the blockade and unfreezing Iranian assets. The blockade remains in place.

The statement comes as US and Iranian officials prepare for talks in New York this week, with Qatar working to broker a deal. Trump said Monday that Iran "is not doing well" and that he had held meetings on the matter that day.

Tensions in the Strait remain active. A tanker there was hit by an unknown projectile as officials prepared for the New York talks, and Iran's Revolutionary Guard has threatened a wider war if the US escalates.

Iran plans to use the proposal as the basis for talks with mediating countries at the UN General Assembly in New York. A senior Iranian government official also told the Trump administration that Iran's economy is under growing strain, with crude exports, a pillar of national revenue, blocked. The official said concern is spreading within the leadership over the need to resume talks with Washington.

Oil prices had steadied on Monday after an 8 per cent drop over 4 days, with shipping through the Strait showing signs of easing as the talks approached. The conditions, including an end to the blockade, are unresolved even as diplomatic channels stay open. They add downside risk to the tentative stabilization in energy markets should the talks stall or tensions rise again.