Iran said that reopening the Strait of Hormuz depends on whether the United States meets Tehran's conditions, while Foreign Minister Araghchi stated that a negotiated solution remains possible. Iran is holding to its position that it will only reopen the critical Strait of Hormuz when its conditions are satisfied; despite condemnation from US President Trump, a senior Iranian military leader has stressed that the country is prepared to continue fighting. Iran's Revolutionary Guard claimed on Sunday that it had seized an American underwater drone.
"Our conditions are clear; any progress on reopening the Strait of Hormuz depends on whether these conditions are met, and we will not retreat on these conditions," said Iranian Foreign Minister Araghchi. "In meetings with mediators, these conditions have been fully conveyed, explained, and detailed, and the mediators have relayed them to the US side," he said during the United Nations General Assembly in New York. Trump told reporters on Saturday that he had rejected Iran's latest conditional proposal to reopen the Strait of Hormuz. Before the war, approximately one-fifth of the world's oil supply was transported through the strait.
"They made a proposal, but I rejected it." US officials said Trump told his aides that he expects to resume bombing Iran after the November midterm elections. Araghchi had proposed on Friday that if the Trump administration accepts its conditions, Iran would reopen the strait within seven days and resume nuclear negotiations with the United States. In his latest statement, Araghchi said that intermediaries between the US and Iran have not yet conveyed Trump's official response to Tehran. "Only a negotiated solution can break this deadlock," he said. Iranian Foreign Ministry spokesperson Baghaei said last week that Tehran's conditions include ending what it calls US "acts of aggression," ending the maritime blockade and economic warfare, and releasing Iranian assets.
Iranian military leaders continue to emphasize that they are prepared to continue the war. The war began on February 28 with US and Israeli airstrikes on the country. "The war is not over," Iran's Student News Agency quoted Iranian Army Commander-in-Chief Amir Hatami as saying. "We have won, but we must consolidate this victory, and the battered aggressor enemy must continue to be prepared to bear the heavy blows of our dear Iranian soldiers," he said.
Underwater Drone Meanwhile, Iran's Revolutionary Guard Navy claimed on Sunday that it had captured an American underwater drone in the Strait of Hormuz. "Iran's Revolutionary Guard Navy forces successfully captured an advanced unmanned underwater vehicle (UUV) belonging to the US terrorist army," media quoted the Revolutionary Guard as saying. It described the vehicle as a Remus 600 unmanned underwater vehicle and added that it had been handed over to the unit's experts for data recovery. "The Iranian Revolutionary Guard Navy firmly declares that the Strait of Hormuz is closed to unauthorized passage," it said.
The war has severely restricted energy transportation in the Middle East, causing oil prices to surge and raising concerns about accelerating global inflation. However, as Tehran and Washington held discussions on the sidelines of the UN General Assembly, crude oil prices fell sharply this week. West Texas Intermediate crude fell 2.3% to close at $92.41 per barrel. The international benchmark Brent crude fell 2.1% to close at $104.32. US crude ended the week down 7.9%, while Brent was flat. WTI has risen nearly 61% year-to-date, while Brent has gained more than 71% over the same period.