World Events
Iran Says Hormuz Could Reopen Within Two Days of US Meeting Its Terms as Gulf Shipping Attacks Continue
Image: cegoh via Pixabay
Tehran calls a letter from Vice President Vance a positive step, while Washington has not decided on renewed strikes and a Qatari gas carrier is hit.
By Emmanuel Cruz ·
Iran's foreign minister said over the weekend that a plan being worked out with Qatari mediators could reopen the Strait of Hormuz within two days once the United States meets Tehran's conditions, the clearest timeline yet offered for restoring traffic through the world's most important oil chokepoint [1][2]. The comments came as attacks on Gulf shipping continued and as Washington weighed whether to resume military action, leaving energy markets facing another week of uncertainty when trading reopens [3].
Abbas Araghchi told Al Jazeera on Saturday that Qatar had proposed shortening the implementation period of Iran's reopening plan to five days, and that the current version of the proposal cuts it to two [1]. He described an effort by the American side to open a dialogue as a positive step, after Iran studied a letter from US Vice President JD Vance in high-level meetings [1]. He also said there were no current plans to meet US officials, adding: "We see no need to meet with the Americans at this stage." [1]
Iran's conditions, as laid out by Araghchi, include lifting sanctions imposed after the collapse of an earlier memorandum negotiated in Islamabad, reducing US forces in the region, restoring oil waivers, and releasing frozen Iranian funds, including about $6 billion held in Qatar [1][2]. Tehran is also seeking recognition of a shipping route through the strait that it discussed with Oman, along with the closure of other routes [1]. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said the strait would remain closed and no talks would take place unless the country's seven conditions were fulfilled [2].
The US position remains unsettled. Secretary of State Marco Rubio said on Saturday that President Donald Trump had not decided whether to resume military action and that he did not know how long the Qatar-led talks would take [1][3]. Trump, speaking at his Florida residence late Saturday, said the talks were going fine but added, "We still have to take care of, I would say one or two sites," referring to Iranian nuclear facilities [3]. The Associated Press reported that US officials had privately urged regional partners to prepare for possible action after Tuesday's midterm elections, according to a report carried by Fox News [4].
Shipping in and around the Gulf remained under pressure. Qatar Gas Transport Company, known as Nakilat, said its liquefied natural gas carrier Al Mayeda was struck by "unidentified objects" while transiting the Arabian Gulf on Friday evening, with no crew injured and no environmental impact reported [5]. Iran's navy also claimed on Saturday that an oil tanker hit a mine and caught fire east of the strait, a report that could not be immediately verified [3]. The UK Maritime Trade Operations centre has counted 81 projectile strikes in the strait since July 6, and reported attacks in October were the highest of any month of the war [3].
US Central Command said on Saturday that its blockade of Iranian ports had redirected 144 vessels [3]. Treasury Secretary Scott Bessent said on social media that transit levels were back to pre-conflict levels excluding Iranian barrels, a view that contrasts with the continuing reports of attacks on vessels [3].
For markets, the weekend developments cut both ways. A credible path to reopening the strait would ease the supply risk that has driven oil sharply higher during the conflict, while a resumption of US strikes after the midterms could intensify it. Iran's army spokesman said on Sunday that a potential future war could last longer than the previous conflict [3].
Investors will be watching for Iran's formal response to the mediators' proposal, any decision from Washington on military action after the November 3 elections, and further incidents involving tankers and gas carriers in the Gulf.
Sources:
[1] Al Jazeera, "Iran FM says US outreach a 'positive step' as delegation in Qatar for talks", October 31, 2026. https://aljazeera.com/news/2026/10/31/iran-fm-says-us-outreach-a-positive-step-as-delegation-in-qatar-for-talks
[2] ANI, "Araghchi says Iran, Qatar propose reopening Strait of Hormuz within two days if US meets Tehran's conditions", November 1, 2026. https://aninews.in/news/world/middle-east/araghchi-says-iran-qatar-propose-reopening-strait-of-hormuz-within-two-days-if-us-meets-tehrans-conditions20261101115013/
[3] CBS News, "Live Updates: Trump suggests more attacks on Iran after Ayatollah warns against resuming war", November 1, 2026. https://www.cbsnews.com/live-updates/iran-war-us-trump-diplomacy-threat-resume-attacks/
[4] Fox News, "No choice made yet by Trump on resuming military action against Iran, Rubio says", October 31, 2026. https://www.foxnews.com/live-news/us-iran-war-trump-israel-strait-hormuz-10-31-26
[5] Nakilat, "AL Mayeda – vessel incident in the Arabian Gulf", October 30, 2026. https://www.nakilat.com/al-mayeda-vessel-incident-in-the-arabian-gulf/
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.