Iran’s Foreign Minister Abbas Araghchi said at the United Nations on Sept. 25 that the deal could be implemented “if the necessary conditions are met,” referencing a June 2026 memorandum of understanding (MOU) between the U.S. and Iran. “If the necessary conditions are met, the strait can be reopened, and normal maritime passage restored within seven days,” he said. Iranian President Masoud Pezeshkian told CBS News the proposal was developed “in coordination” with Supreme Leader Mojtaba Khamenei and that “if the United States agrees to proceed in that way, everything will return to the way it was before.”

U.S. Treasury Secretary Scott Bessent announced ongoing efforts to economically isolate Iran, including new restrictions on Iranian airlines and banks. “At my direction, teams were dispatched across the globe to engage with countries and demand action against the Iranian regime,” Bessent said on X. Turkey and Oman have halted flights from Iranian carrier Mahan Air, and the United Arab Emirates has blocked transactions involving Iran’s Bank Melli. Bessent described these efforts as part of “Operation Economic Outcast,” aimed at pressuring Iran to reopen the strait and end the war.

Omani Foreign Minister Badr Albusaidi called for “self-restraint” and dialogue at the United Nations, emphasizing Muscat’s role in safeguarding the Strait of Hormuz. Saudi Arabia’s Foreign Minister Faisal bin Farhan warned that the international community had failed to protect Gulf shipping lanes, stating, “The kingdom rejects any party’s use of these vital passages as a tool for pressure, threat, or harm to the interests of states.”

According to The Wall Street Journal, Trump privately expressed skepticism that Iran would meet U.S. demands and suggested a renewed bombing campaign was likely after the November U.S. midterm elections. “They want to make a deal, and I think that’s fine. I like making a deal, too. But that deal would not be acceptable,” Trump said. The U.S. has maintained a naval blockade of Iranian ports and continues to strike Iranian sites in the region.

if the United States agrees to proceed in that way, everything will return to the way it was before,” he said. A senior Iranian official told Reuters that Iran would not compromise on its nuclear rights, including uranium enrichment, even if a peace deal were reached.

The closure of the Strait of Hormuz has disrupted global oil flows, contributing to energy price volatility and economic strain. Shipping data shows a recent 10-day average of about 18 transits per day, with numbers dropping as low as nine vessels on certain days.

Kirsten Fontenrose, a former National Security Council official, said in an interview with the BBC that there was no appetite for restarting the conversation around the MOU. The war, now in its seventh month, has killed thousands and degraded Iran’s military and economy, with no clear path to resolution.