Iran's foreign minister says Tehran's offer to reopen the Strait of Hormuz is still on the table
Reuters reported via Dawn and Arab News that Iranian Foreign Minister Abbas Araqchi said Oct. 18 that Iran's offer to reopen the Strait of Hormuz still stands. He said Iran was reviewing comments Washington had sent on the plan. Under the proposal, the strait would open within six days of U.S. acceptance and talks would resume on the seventh. Iran wants the U.S. naval blockade lifted, oil sanctions eased, some frozen assets released and hostilities ended. Vice President JD Vance has said Iran must make a meaningful cut to uranium enrichment.
A large share of the world's seaborne oil passes through Hormuz, so its closure keeps fuel prices high. Any deal there would affect gasoline and diesel costs far beyond the region.
Pump prices depend partly on whether this strait reopens. A deal would likely ease prices; continued deadlock keeps them elevated.
Tehran says the path is clear and the U.S. only needs to accept its terms.
Washington has held that Iran must first curb its nuclear program, and has not publicly accepted the sequencing.
Confirmed: the offer is still on the table and the U.S. sent comments. Unknown: what those comments said. Watch for a U.S. response and oil price moves this week.
DailyDrop U.S. No. 15 · October 19, 2026