• Iran has submitted a revised proposal via Pakistan (PK) seeking a phased ceasefire and gradual reopening of the Strait of Hormuz.
  • Tehran offers a long-term freeze of its nuclear program instead of full dismantlement, with enriched uranium to be transferred to Russia.
  • The proposal links maritime reopening to lifting the blockade and includes demands for sanctions relief and asset releases.

A Diplomatic Shift

Iran has reportedly relayed a revised proposal to Washington through Pakistan, signaling a potential shift in its negotiating stance. According to leaks cited by Al Arabiya, Tehran is seeking a phased truce and a gradual reopening of the Strait of Hormuz—a critical chokepoint for global oil and LNG flows. The proposal marks a significant departure from previous positions, as Iran now offers a long-term freeze of its nuclear activities rather than full dismantlement. A key element is the transfer of enriched uranium to Russia instead of the United States, a move that could alter the verification dynamics.

The Strait and Sanctions

The deal ties the reopening of the Strait of Hormuz to the lifting of the U.S.-led blockade and an end to hostilities. In exchange, Iran demands broad sanctions relief, release of frozen assets, and guarantees against future attacks. “Without a deal, the risk of prolonged disruption to energy markets remains high,” according to people familiar with the matter. The proposal has been discussed at senior levels in Washington, though no formal endorsement has been made.

Nuclear Freeze and Third-Party Custodianship

Tehran’s willingness to freeze its nuclear program—rather than dismantle it—reflects internal political calculations. By proposing Russia as the custodian of enriched uranium, Iran seeks to address Western non-proliferation concerns while preserving its technological capabilities. This approach has precedent; past negotiations have seen third-party arrangements for sensitive materials. However, the involvement of Moscow could complicate U.S.-Russia relations and requires careful verification mechanisms.

Implications for Markets

A successful agreement would reduce supply risks from the Strait of Hormuz, potentially easing upward pressure on oil and gas prices. Shipping companies and insurers stand to benefit from restored normalcy. Conversely, failure to reach a deal could prolong volatility. As one analyst noted, “The market is watching closely—any sign of de-escalation will be welcomed.”

A Way Forward?

The revised proposal places the ball in the diplomatic court. If mediation continues, we may see temporary ceasefires or limited reopening corridors as trust-building measures. However, verification remains a sticking point. Western negotiators are likely to demand more intrusive inspections than Iran has offered. The coming weeks will test whether this framework can bridge the gaps or if the status quo of intermittent closures persists.

Correction: An earlier version of this article misstated the uranium transfer destination. The proposal specifies Russia, not the U.S.