Araqchi: Plan to Reopen Hormuz in 7 Days Remains in Place

Iranian Foreign Minister Abbas Araqchi stated that Tehran's plan to reopen the Strait of Hormuz within seven days remains in place, and that Iran is reviewing Washington's remarks regarding it.

Araqchi explained that the strait will reopen on the sixth day of the plan, and that negotiations will begin on the seventh day if Washington meets the Iranian conditions.

The Iranian minister did not mention all the conditions in his statements, while Reuters reported that these conditions include lifting the U.S. blockade on ports and lifting sanctions on Iranian oil exports.

The plan remains subject to field and political developments, as the energy market watches to see whether the potential agreement will revive crude flows through the strait or keep them volatile.

What do these terms mean?

Strait of Hormuz: A narrow waterway through which a large portion of global oil and gas exports passes, and any closure threatens energy markets.

Naval blockade: A military measure that prevents ships from entering or leaving a specific country's ports in order to exert economic pressure on it.

Sanctions on oil exports: Restrictions that prevent a country from selling its oil or transferring its revenues, usually imposed for political reasons.