Iran has offered to reopen the Strait of Hormuz and resume talks on its nuclear programme in seven days if the United States lifts its naval blockade, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon.

Iran’s Foreign Minister Abbas Araghchi detailed the proposal in a private gathering on Thursday (September 24, 2026) on the sidelines of the UN General Assembly in New York, according to one attendee.

Trita Parsi, Executive Vice-President of the Quincy Institute think tank, who attended, said Mr. Araghchi suggested that a speedy agreement would help U.S. President Donald Trump ahead of November’s midterm elections.

There was no immediate comment from Iran’s UN mission or other Iranian officials.

The proposal strongly resembles the so-called Memorandum of Understanding (MoU) reached in June, but with an accelerated timetable. The earlier agreement, which had called for a 60-day interim period, quickly collapsed as Iran resumed attacks on shipping in the strait.

Mr. Trump has said he is in no rush to reach a deal, even as high oil prices fuel inflation and exacerbate cost of living concerns. On the Iranian side, there are questions as to whether the hard-liners who dominate the security forces will accept compromises championed by relative moderates, like President Masoud Pezeshkian.

“If Trump calculates this arrangement is worthwhile and can bring political benefit before the midterms and reduce gas prices, perhaps we’ll see flexibility not seen in previous weeks,” Mr. Parsi said. But he noted “deep suspicion,” especially around the prospect of Iran merely buying time to get out more of its oil and ease its economic pain.

In the latest sign of diplomatic movement, Mr. Pezeshkian hosted the Prime Minister of Qatar early Friday (September 25, 2026). Qatar has served as a key mediator, including during hours of indirect Iranian-US talks at the UN this week.

It was not clear how long Mr. Pezeshkian and Mr. Araghchi would stay in the U.S. after Mr. Pezeshkian addressed the annual UN gathering of world leaders on Wednesday (September 23, 2026).

U.S. Secretary of State Marco Rubio said that “if there’s an opportunity to exchange ideas and messages, we will.”

​Iran’s Revolutionary ‌Guards Navy said it struck ​a ⁠Togo-flagged oil tanker ‌which was ⁠attempting ⁠to make an “illegal passage” ​through ‌the Strait of Hormuz, ‌Iranian ​state media ⁠said early on ‌Friday (September 18, 2026).

The tanker which was attacked on Thursday (September 17, 2026) came to ‌a halt ​after catching ⁠fire, the Revolutionary ⁠Guards Navy ‌added.

With the Strait of Hormuz in a chokehold due to Iran-U.S. hostilities, Oman has pitched to India investment opportunities in a new port that could provide uninterrupted access to energy resources from the Persian Gulf.

Speaking in New Delhi on Wednesday (September 16, 2026), a high-level representative of the Sohar Port of Oman welcomed Indian investments into the port and said it would serve as a platform to connect businesses in regional and global markets.

“India represents an important and growing dimension of Sohar’s international investment landscape, with established Indian businesses already contributing to our industrial ecosystem. There is significant potential to deepen this relationship through investments that complement our industrial clusters, strengthen value chains and create new opportunities for growth,” said Raid Al Rubaiey, CEO of Sohar Freezone and Deputy CEO of Sohar Port.

Far from Strait of Hormuz

The port is located on the Omani coast on the Gulf of Oman, and ships can access hubs in the Gulf through this port as it sits far from the Strait of Hormuz.

Mr. Rubaiey said Sohar Port has received investments of over $30 billion and that it is capable of handling 72 million tonnes of cargo annually. “Sohar provides an established industrial and logistics platform connecting businesses to regional and global markets,” he said.

The remarks came at the end of a two-day promotional event organised by the Embassy of Oman, during which the Ambassador of Oman, Issa Saleh Al Shibani, introduced the port and the Freezone to Indian businesses, manufacturers and exporters to increase Indian participation in the port.

Earlier, Oman had offered Duqm and Salalah ports to India, but in comparison to these two ports, the Sohar Port has the advantage of being located in the northeast of Oman, close to vital energy pipelines of the United Arab Emirates (UAE) and eastern Saudi Arabia. Given the risk of accessing ports of the UAE, the importance of Sohar Port has been growing, and Reuters on Wednesday reported that Saudi Arabia was offering more loadings of crude oil to Asian refiners via ship-to-ship transfer off Sohar Port after drone attacks damaged its vital pipeline to the Red Sea.

Sohar Port’s importance is expected to increase further as the Oman-UAE rail begins connecting the port to the UAE’s network, boosting cross-border freight transport.

The Embassy of Oman described the Sohar Port and Freezone as a “mega project” that has been developed by the ASYAD Group and the Port of Rotterdam, offering a “comprehensive range of services, including logistics, petrochemicals, [and] metals”. It also provides the Gulf region’s first agribulk terminal.

MT El Gaia, the tanker which was hit by a projectile over the weekend in the Strait of Hormuz, was reportedly operating in “dark mode,” with its Automatic Identification System (AIS) switched off, and its coordinates were not available at the time of reporting. Its last port of call was Sohar, Oman.

The tanker had 25 crew members on board: 14 Indian and 11 Pakistani nationals.

Two crew members remain unaccounted for: Muhammad Hammad Obaida, Third Engineer, a Pakistani national from Karachi who had joined the vessel on September 7, 2026; and Sumit Kumar Singh, Oiler, an Indian national from Vaishali who had joined on June 25, 2026.

Photos of the ship from September 13 indicate that the engine room was attacked and damaged by the projectile. The two were reportedly on watch in the engine room at the time of the incident.

Sumit Kumar Singh had signed on to the ship in June when the ship had called on Dahej, Gujarat.

The 20-year-old ship, which has a cargo-carrying capacity of 48,000 tonnes, is owned and managed by Dubai, UAE-based companies. Five recruitment agencies supplied the crew onboard the vessel, according to official sources.

The Omani Coast Guard boarded the vessel following the attack. The remaining 23 crew members were transferred to an Omani Coast Guard vessel and brought ashore. While the Master and Chief Engineer were Pakistani nationals, the Chief Officer, Second Engineer and others were Indians.

The Indian Government has not attributed any responsibility for the attack. Iran’s IRGC Navy has said the tanker struck naval mines while using what it calls an illegal route south of the strait. The United States has disputed this, saying the vessel was struck by a missile and later a drone.

An Iranian commercial vessel was struck early Sunday (September 13, 2026) off Qeshm Island in the Strait of Hormuz, with one person killed and four wounded, Iranian state media said, a day before Tehran seeks to brief regional countries on its contested efforts to manage shipping traffic there.

State-run IRNA news agency quoted the Qeshm Governor as blaming a “terrorist enemy.” He also said the person killed was among the cargo vessel’s 10-member crew, and that authorities had not yet identified the projectile.

Separately, the United Kingdom Maritime Trade Operations monitor reported a vessel was hit by a projectile while transiting the strait, with no details.

There was no immediate statement by the U.S. military, which previously has struck Iranian-flagged vessels as it keeps up a blockade of Iranian ports — while facing a new threat in recent days from Iranian ballistic missiles launched at its warships.

Qeshm Island, located about 22 kilometres from the port city of Bandar Abbas, is key to Iran asserting control over traffic through the strait.

Sunday’s (September 13, 2026) strike came as tensions continue around the waterway that was seen as an international one before the U.S. and Israel launched the war on February 28.

Global prices of oil, natural gas and related products have been sent higher, and now Iranian-backed Houthi rebels in Yemen are pressuring a key shipping alternative, the Bab el-Mandeb Strait at the southern end of the Red Sea. While the Houthis say they are targeting only neighbouring Saudi Arabia, which backs Yemen’s internationally recognised government, markets are wary.

Iran on Saturday (September 12, 2026) said Foreign Ministers from regional countries will meet to discuss efforts by Iran and Oman, located on the other side of the Strait of Hormuz, to manage shipping on it. Already, however, Bahrain has said it will not attend, and it was not clear what other nations would be there.

Iran has said reaching an agreement with Oman on the strait doesn’t mean it will open for shipping. “The waterway would be opened up on the condition that the U.S. will terminate its blockade,” Iran’s president told an Indian broadcasteron Saturday (September 12, 2026).

Commercial ship traffic remains low on the strait as attacks continue. Iran has expressed interest in having ships pay fees for transit. It has also said traffic into the Persian Gulf would pass through Iranian waters, while the outbound route would pass partly through Iranian waters and partly through Oman’s. 

Iran’s President Masoud Pezeshkian said on Saturday (September 12, 2026) that West Asia does not need the United States to be a “regional policeman”, with the two countries at war and vying for control of the Strait of Hormuz.

“We do not need a regional policeman,” he said on the sidelines of a BRICS summit in India during a meeting with Malaysian Prime Minister Anwar Ibrahim.

“The territorial integrity and security of the region can only be guaranteed by its main players and the countries that comprise it,” he added, according to the Iranian presidency.

Iran has been at war since February 28, when U.S.-Israeli strikes killed its supreme leader.

Also read | Dangerous phase: On the crisis in West Asia

The Islamic republic retaliated with attacks across the region and blockaded the Strait of Hormuz, through which one-fifth of the world’s oil previously flowed.

Iran and the U.S. have since been vying for control of the strategic waterway.

The strait was free to transit before the war, but Iran now requires vessels to obtain permission and is considering a mechanism to impose service fees.

Ships that do not comply are regularly targeted by Iranian strikes, while the U.S. periodically bombs the Iranian coastline to challenge the Islamic republic’s control of the strait.

More than six months into the West Asia war, the blockade continues to drive up oil prices, which soared past $100 a barrel this week.

“Despite all the injustices suffered by our people, we neither desire war nor its continuation. Peace remains our priority,” Mr. Pezeshkian added.

Stock market benchmark indices Sensex and Nifty declined in early trade on Tuesday (September 8, 2026) as rising crude oil prices and the U.S.-Iran hostilities kept risk appetite subdued.

The 30-share BSE Sensex dropped 382.25 points to 75,750.56 in early trading. The 50-share NSE Nifty declined 97.80 points to 23,681.80.

Among the 30 Sensex firms, Mahindra & Mahindra, Trent, Sun Pharma, Axis Bank, ICICI Bank and Tata Consultancy Services were the major laggards.

Bharat Electronics, Eternal and Adani Ports were the gainers.

Brent crude, the global oil benchmark, traded 0.54% higher at $97.52 per barrel.

“Rising crude prices and renewed U.S.–Iran hostilities kept risk appetite subdued,” Rajesh Palviya, head of research, Axis Direct, said.

In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225 index and Shanghai’s SSE Composite index quoted higher, while Hong Kong’s Hang Seng index traded lower.

U.S. markets were closed on Monday (September 7, 2026) for the Labour Day holiday.

“Global cues are mixed. U.S. markets were closed overnight for the Labour Day holiday, while Asian markets are trading mixed this morning, with the unresolved geopolitical crisis and elevated crude oil prices remaining the dominant variables for investor sentiment,” Hariselvan Radhakrishnan, founder & CEO of HST Wealth, a research analyst firm, said.

Foreign Institutional Investors (FIIs) bought equities worth ₹280.13 crore on Monday (September 7, 2026), according to exchange data.

“The geopolitical backdrop remains fragile as the U.S.-Iran conflict shows few signs of easing. Uncertainty surrounding the Strait of Hormuz and the timing of its full reopening continues to underpin concerns over global oil supplies and broader market sentiment,” Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm, said.

On Monday (September 7, 2026), the Sensex dropped 382.62 points, or 0.50%, to settle at 76,132.81. The Nifty declined 118.55 points, or 0.50%, to end at 23,779.15.

U.S. President Donald Trump on Wednesday (September 2, 2026) suggested renaming the Strait of Hormuz as “Trump Strait” despite the fact that the crucial waterway remains contested amid the war with Iran.

“Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT??? Like America itself, it would be ‘hotter’ than ever before!” Mr. Trump said on his Truth Social network.

West Asia conflict LIVE updates – September 2, 2026

It is the latest geographical name change floated by Mr. Trump and comes a week after he ordered Lake Ontario to be renamed as “Lake America” amid a trade war with Canada.

He also renamed the Gulf of Mexico as the “Gulf of America” on his first day back in office in January 2025.

Neither Mexico nor Canada have accepted the changes.

Many of the previous name changes started off as apparently jovial remarks by the 80-year-old U.S. President before he then followed through to make them a reality.

Mr. Trump has in recent weeks repeatedly pressed a threat to claim sovereignty over the Strait of Hormuz, even posting a map showing the waterway as a “new U.S. territory.” But Iran has effectively shut down the chokepoint, through which a fifth of the world’s oil passes, in retaliation for the war Mr. Trump started along with Israel in late February.

Oil prices are rising again after U.S. forces launched fresh strikes near the Strait of Hormuz on Tuesday (September 1, 2026) in response to what Mr. Trump said were new minelaying efforts by Iran.

Iran’s President Masoud Pezeshkian said on Tuesday (September 1, 2026) that Tehran would “immediately” reciprocate if the United States returned to a June deal aimed at ending their war.

“I state explicitly that if the United States returns to its commitments under the aforementioned memorandum of understanding, the Islamic Republic of Iran will immediately take reciprocal action,” Mr. Pezeshkian said at a Shanghai Cooperation Organisation (SCO) Summit in Kyrgyzstan, according to the website of the Iranian presidency.

The Memorandum of Understanding (MoU) was aimed at ending months of hostilities between Tehran and Washington, which began in late February with the U.S. and Israeli attacks on Iran that killed former supreme leader Ayatollah Ali Khamenei.

The deal later collapsed, with both sides accusing each other of violating its terms.

“The repeated violation by the United States of its commitments under the Islamabad Memorandum of Understanding showed that… the absence of effective enforcement guarantees and a return to a policy of pressure and threats could derail the path of diplomacy,” said Mr. Pezeshkian in a later speech at the Summit.

“Iran has continued to regard diplomacy and negotiations as the primary path to resolving disputes. But diplomacy without good faith, without respect for commitments and without refraining from the use of force cannot create lasting peace,” he added.

His remarks came as the Strait of Hormuz remained a key point of contention between Iran and the United States, which resumed exchanging fire on Monday (August 31, 2026) after more than a month of relative calm.

Tehran has maintained its closure of the strategic waterway, while insisting it would only open it if Washington meets its demands of lifting its naval blockade on Iranian ports, removing oil sanctions and unfreezing Iranian assets abroad under the deal.

On Monday (August 29, 2026), Iranian Foreign Minister Abbas Araghchi said “the United States must return to its commitments and to what their president signed” under the deal. “In that case, everything can be put back on the right track.”