US and Iran discuss phased deal to reopen Hormuz and end US blockade, sources say
US and Iranian negotiators in New York are exploring a phased deal to end their conflict, with Iran reopening the Strait of Hormuz in return for the US lifting its economic blockade. A senior Iranian official proposed solving the crisis in stages, beginning with ending the blockade and reopening Hormuz. The talks face the obstacle that neither side wants to surrender its leverage first.
Why it matters: This matters for geoeconomics because the Strait of Hormuz is a critical energy chokepoint, and the outcome of these talks will affect global oil supply and prices.