Daijiworld Media Network - Tehran
Tehran, Sep 23: Iran has indicated it could reopen the strategically important Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports, according to reports by Reuters and Japan’s Kyodo news agency.
Both agencies, citing an unnamed senior Iranian government official, reported that Tehran had outlined conditions it considers necessary for reopening the waterway.
The reports come amid the ongoing Middle East conflict and growing economic pressure on Iran from the administration of US President Donald Trump.
According to the reports, Iran’s proposed timeline for reopening the strait is seven days, provided Washington eases military pressure and lifts its blockade on Iranian ports.
The possible reopening of the waterway has significant implications for the global economy, as the Strait of Hormuz handles around 20 per cent of the world’s oil and liquefied natural gas supplies. Disruptions to the route have contributed to volatility in energy markets.
Following the reports, US stock index futures traded mixed, while oil prices reversed earlier gains. Brent crude futures for November delivery fell 2.6 per cent to USD 97.73 per barrel, while US West Texas Intermediate crude futures for October delivery declined 3.1 per cent to USD 92.40.
The reports emerged shortly before Trump was scheduled to address the United Nations General Assembly on Tuesday, amid domestic pressure over his decision to launch a war against Iran.
Meanwhile, the Group of Seven (G7) called for an end to Houthi attacks against Yemen and Saudi Arabia, including assaults on civilian shipping, and urged Iran to stop supporting the group.
The Houthis have reportedly targeted sensitive sites in Riyadh and recently seized Yemen’s Perim Island in the Red Sea region, tightening their control over the strategically important Bab el-Mandeb Strait.
The United Kingdom has also reportedly agreed to support Saudi Arabia with Royal Air Force air-to-air refuelling.