US and Iran discuss phased deal to reopen Hormuz and end US blockade, sources say

AI Summary

US and Iranian negotiators are discussing a phased agreement to end the seven-month conflict by reopening the Strait of Hormuz and lifting the US economic blockade on Iran. The strait is a critical global oil shipping route and a key bargaining point in efforts to de-escalate the situation.

By Samia Nakhoul, Parisa Hafezi and John Irish Sept 24 (Reuters) - US and Iranian negotiators in New York are exploring a phased path out of war that would involve Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iran, sources close to the talks said. The strait has become the central bargaining chip in efforts to end the nearly seven-month US-Iran conflict, with Iran seeking relief from the US blockade that is choking its economy and Washington seeking free passage for ships on the global oil supply route now blocked by Tehran.