US and Iranian negotiators are discussing a phased deal in New York that would
include Iran reopening shipping through the Strait of Hormuz and the US easing
its economic blockade, according to sources. A first phase could restore transit
while the US relaxes sanctions and Iran secures partial unfreezing of assets,
but both sides are reluctant to yield existing leverage, a principal obstacle.
Iran has signalled it prioritises relief from the blockade over insisting on
transit fees; regional sources say any fee demand may be placed in a side letter
rather than the main agreement, though Tehran would not cede claims over Strait
management. Former US Iran negotiator Dennis Ross says a deal before November
midterms is unlikely but both sides have incentives to press talks because
reopening Hormuz would cool Gulf tensions and reduce oil-price upside. Gulf
states are pushing for restored shipping freedom and a diplomatic path to avoid
the waterway becoming a persistent bargaining chip.
