Update: U.S. and Iran explore phased deal to reopen Hormuz in exchange for lifting blockade

Reuters reported on September 24, citing six Iranian, regional and Western sources close to the talks, that U.S. and Iranian negotiators are exploring a phased arrangement under which Iran would reopen the Strait of Hormuz and Washington would lift its economic blockade. Iran could also gain access to some frozen assets. No agreement has been reached.

Full report

Reuters reported on September 24 that two Iranian sources, two regional officials and two Western diplomatic sources said the New York contacts had begun examining a phased route out of the war. The first stage would centre on Iran allowing navigation through Hormuz while the United States lifted its economic blockade.

A senior Iranian official told Reuters that Iran might also gain access to some frozen assets. Regional sources said Tehran was willing to move its proposed transit fees for the strait out of the main agreement and into an attachment, but did not intend to surrender its claim to administrative control. Gulf states reject Iranian transit fees.

A White House official said Trump remained open to talking with Iran under the right circumstances but believed the United States held stronger leverage and had no need to negotiate. That response confirms the diplomatic option remains open; it does not establish that Trump has approved the framework described by Reuters' sources.

The central obstacle is sequencing. Washington wants Iran to reopen the strait first, while Tehran wants the blockade lifted first. Reuters quoted former U.S. negotiator Dennis Ross as putting the chance of an arrangement before the November 3 midterm election at about 30%. That is his assessment, not an official probability.

N Globe's September 22 version reported Trump's account of about three hours of mediated contact and Iran's conditions for reopening the strait. This material update adds the first disclosed phased framework, possible access to frozen assets and the transit-fee issue. There is no written agreement, ceasefire or announcement that Hormuz has fully reopened, and N Globe does not present the proposal as a concluded deal.

Verification status: corrected/updated. Reuters reported the negotiating framework from six independent sources close to the contacts, while public U.S. and Iranian statements confirm diplomacy continues; the specific proposal has not been jointly announced by the two governments. News value: A. Origin: United States (New York). Primary section: Diplomacy. Related regions: Middle East and worldwide. Latest source: September 24, 2026, 16:18 UTC; N Globe update: September 24, 2026, 20:18 UTC. The image is an N Globe editorial illustration, not footage of the talks.

This report is an original summary based on verified sources, not a verbatim reproduction.