Iran has suggested a deal to reopen Strait of Hormuz in seven days

The country’s foreign minister Abbas Araghchi was attending the recent UN General Assembly in New York (Stefan Jeremiah/AP)

Iran has offered to reopen the Strait of Hormuz and resume talks on its nuclear programme in seven days if the US 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 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 US 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 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 hardliners who dominate the security forces will accept compromises championed by relative moderates, such as the country’s 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 on Friday.

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 US after Mr Pezeshkian addressed the annual UN gathering of world leaders on Wednesday.

US secretary of state Marco Rubio said on Wednesday that “if there’s an opportunity to exchange ideas and messages, we will”.