Eight months into the US-Iran conflict, diplomacy over the Strait of Hormuz has entered a delicate phase. Here is where things stand.

**Iran’s offer.** Tehran sent Washington a seven-day plan through Qatari mediators: a week-long regional ceasefire including Lebanon and Yemen, an end to the US naval blockade of Iranian ports, the release of at least $12 billion in frozen Iranian assets, and lifted oil sanctions. In return, Iran would reopen the Strait of Hormuz within seven days and resume nuclear talks.

**Trump’s rejection.** President Trump publicly dismissed the plan on September 26, saying Iran wanted a deal because it was “losing so badly” under US economic pressure.

**The latest.** On Wednesday, Tehran said it had received a formal written US response. Foreign Minister Abbas Araghchi briefed the cabinet and presented the reply to President Masoud Pezeshkian. Its contents are undisclosed. Both sides agree on the broad steps but differ on sequencing.

**The stakes.** Only three vessels transited Hormuz on Wednesday, about 80% below the 10-day average. Brent crude hovers near $103.7. Indirect talks continue through Qatar and Pakistan — but the waterway that carries a fifth of the world’s oil remains effectively shut.