Iran has put forward a seven-day plan to end hostilities with the United States, reopen the Strait of Hormuz and restart nuclear talks, its foreign minister said on Friday.
Foreign Minister Abbas Araghchi told reporters at the UN General Assembly that the proposal largely mirrored a memorandum of understanding reached between Washington and Tehran in June, which had since collapsed, but was designed to move at a far faster pace, compressing what had earlier been a 60-day negotiating window, reported New York Times.
Under the terms he outlined, all hostilities, including in Lebanon, would end during the seven days, the US would release an estimated $12 billion in frozen Iranian assets, waive oil sanctions and lift its naval blockade, before the Strait of Hormuz reopened on the final day and comprehensive nuclear negotiations began immediately after.
Iran was ready to begin implementing the plan once Washington agreed, Araghchi said, adding it "would be better" if a deal were struck before the US midterm elections.
An American official familiar with the talks called them constructive but said the administration would not rush into an agreement, the newspaper reported.
The offer came even as Trump and Iranian President Masoud Pezeshkian traded hostile remarks at the UN, with Trump threatening Iran with "annihilation" if it failed to strike a deal and Pezeshkian insisting his country would not be bullied.
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The war, now in its seventh month, began in late February when US and Israeli airstrikes killed Iran's supreme leader, Ayatollah Ali Khamenei, and much of the military's chain of command, after Trump had initially predicted the conflict would last only weeks.
It has since driven up global oil, energy and food prices and left Iran's economy under strain, with surging inflation and shortages of medicine and basic goods.
Araghchi separately held Qatar-mediated talks with US envoys Steve Witkoff and Jared Kushner, calling them productive, while Iran's foreign ministry spokesman said further meetings were possible in coming days.
"This is a smart move," Ali Vaez, Iran director at the International Crisis Group, told the outlet, noting a quicker deal would suit Trump ahead of the midterms while still favouring Tehran.
ALSO READ: Does Iran Want Nuclear Bomb? Pezeshkian Says Tehran Was Willing To Dilute Enriched Material
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