finance
Iran Delays Response to US Proposal on Reopening Strait of Hormuz
Iran has not yet replied to a US proposal aimed at ending 10 weeks of conflict and restoring shipping through the Strait of Hormuz in exchange for sanctions relief. President Trump warned that the US could pursue another path if Tehran rejects the deal. Iranian state media has called for seizing control of undersea internet cables in the strait and imposing fees on them.
May 10, 5:27 AM·1m read3 sources
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Iran has yet to respond to a US proposal to end 10 weeks of war and reopen the Strait of Hormuz, leaving global oil markets on edge. The plan would restore shipping lanes through the critical waterway in return for easing sanctions on Iran. President Donald Trump warned the US could "go a different route" if Tehran rejects the deal.
Oil prices remained under pressure as traders weighed the uncertainty. Saudi Aramco's chief executive said that even if the strait reopened immediately, full market recovery would take months.
Iran has moved to take full control of all seven undersea internet cables passing through the Strait of Hormuz. Iranian state media has called for the country to assume control of the cables and begin charging fees for their use. The developments come amid the ongoing standoff over the waterway, a vital route for global energy shipments and communications infrastructure.
Even if Hormuz reopened now, oil markets would take months to recover. Disruptions lasting weeks could delay normalization until 2027. The comments from Saudi Aramco's leadership underscored the long-term impact of prolonged instability in the region on energy supplies and pricing.
“Even if Hormuz reopened now, oil markets would take months to recover — and disruptions lasting weeks could delay normalization until 2027.”
The US proposal seeks to resolve the 10-week conflict that has restricted passage through the strait. Iranian officials have so far offered no public reply to the terms. Global shipping and energy traders continue to monitor the situation closely as any further delay risks extending the current market strain.
