Iran says it can reopen Hormuz in two days if US accepts conditions

A two-day offer tied to US steps

Iran's foreign ministry spokesman, Esmail Baghaei, said on 2 November that Tehran could reopen the Strait of Hormuz within two days instead of seven, if Washington accepts Iran's conditions. He described the timeline as a further sign of Iran's good faith and said messages were still passing between the two sides through mediators. The next decision, he said, belongs to the United States. Baghaei also argued that no final agreement is possible, and the strait cannot reopen, until the US naval blockade ends and Iran's legitimate demands are met. Iran has not published a full list of its demands, but sanctions relief and the right to keep its nuclear programme are among the main ones reported.

Doha talks and the earlier plan

Iranian negotiators left Doha on 1 November after talks with Qatari mediators. An official familiar with the talks said the departure did not reflect difficulties, and that a draft proposal had been passed to the parties for comment, with another meeting possible. The war began with Israeli and US strikes on Iran on 28 February, and an April ceasefire ended 40 days of intense bombing. A June memorandum of understanding set out terms that included a ceasefire on all fronts, the release of assets held abroad and an end to the US naval blockade, but the arrangement fell apart over the summer. In September, Donald Trump rejected Iran's seven-day plan, and the dispute now centres on the order of steps: Tehran wants earlier commitments honoured first, while Washington wants the nuclear programme addressed from the start. The Guardian reports that Qatar is trying to unfreeze more than $6 billion in Iranian assets.

Oil prices and Gulf nerves

Brent crude fell 3.2% to $109.75 a barrel on the morning of 2 November, and US crude WTI dropped 3.3% to $100.69. Brent had ended October at its highest level in six months as fears of renewed escalation grew. KCM Trade chief analyst Tim Waterer called the drop a technical correction and warned that a worsening after the US midterm elections on 3 November could push Brent toward $120 a barrel. Two shipping monitoring firms said Saudi Arabia raised its October oil exports from September despite Houthi attacks on Saudi energy infrastructure. OPEC+ kept its December production targets unchanged on Sunday, 1 November.

Brent crude109.75

WTI100.69

Brent crude

109.75 USD per barrel

WTI

100.69 USD per barrel

Data from the article text

Military moves and a tanker attack

On 31 October, Iranian leader Mojtaba Khamenei called for an immediate and effective response to threats without geographic limits, according to Tasnim, which reported that military commanders briefed him on readiness across the Gulf, the Strait of Hormuz and the Gulf of Oman. On Friday, 30 October, a Qatari tanker bound for Pakistan was hit by missiles of unknown origin near the strait, hours after Tehran had granted it permission to pass. UAE representative Anwar Gargash said a new escalation is in the interest of neither Iran nor any neighbouring country. The Wall Street Journal, cited by AFP, reported that US Vice President JD Vance had written to Mohsen Rezaei, secretary of Iran's Supreme National Security Council, to restart talks and avoid new US strikes.

Conditions and next steps

Foreign minister Abbas Araghchi told Al Jazeera on 1 November that Washington would also need to accept a new route agreed between Iran and Oman through the strait. He laid out that the US would have to lift its blockade on oil tankers, stop blocking the release of Iranian assets and remove sanctions on Iranian oil exports, after which Iran would reopen the strait within two days. He added that no direct talks with the United States were currently planned. The next political marker is the US midterm vote on 3 November.