Iran Says Strait of Hormuz Reopening Offer Still Stands as Mine Strikes and Tanker Fires Choke Oil Flows

DUBAI, United Arab Emirates — Iran said Sunday that its offer to reopen the Strait of Hormuz within days remains on the table, even as a surge in attacks on commercial shipping, including mine strikes that have set tankers ablaze and sunk a container ship, has sharply reduced oil flows through the vital waterway.

Iranian Foreign Minister Abbas Araghchi told Iranian media that Tehran was still reviewing comments from the United States on its proposal but accused Washington of a lack of sincerity. Speaking in Baghdad, where he was attending a meeting of the Organization of Islamic Cooperation, he said that if the U.S. were honest, "the way to reopening the Strait of Hormuz is obvious," according to Reuters.

Araghchi said that if Washington accepts Tehran's conditions, the strait could reopen within six days, with broader talks resuming the following day.

Stalled negotiations

Iran presented its proposal in mid-September after an interim ceasefire collapsed. Tehran later acknowledged receiving a U.S. response, but Iran's security chief said last week that negotiations had stalled because Washington failed to address all seven of Iran's conditions for reopening the strait.

A central point of disagreement has been the United States' insistence on addressing Iran's nuclear program from the start. Vice President JD Vance has said Iran must make a meaningful reduction in its uranium enrichment.

On Saturday, Vance said the United States had achieved significant victories against Iran but still needed to prevent Tehran from rebuilding its nuclear program and keep energy flowing through the strait, according to Fox News.

Tehran says talks should first focus on reopening the strait and restoring security in the waterway.

An Iranian army spokesperson, Mohammad Akraminia, said Friday that the strait would reopen and regional security would be restored if the United States leaves the region.

Attacks at record levels

The diplomatic standoff comes as attacks on ships in and around the strait have surged to their highest levels since the United States and Israel went to war with Iran in late February.

On Saturday, Iran's Revolutionary Guard said an oil tanker was on fire in the Strait of Hormuz after hitting a mine, according to CBS News. Reports said two tankers caught fire after striking mines in recent days.

On Wednesday, a container ship sank in the strait. The Revolutionary Guard claimed the vessel exploded and sank after hitting a naval mine, according to Iranian state media.

More than 20 vessels, most of them oil tankers, have come under attack this month in the Strait of Hormuz, the Persian Gulf and the Gulf of Oman, CNBC reported.

In one incident, 11 Indian crew members were injured when a projectile struck a vessel in the strait, according to Indian media reports.

Iran's navy also said it had deployed units in a new formation east of the strait and across the Sea of Oman and the Arabian Sea.

The U.S. Navy-led Joint Maritime Information Center has rated the threat to merchant shipping in the strait as "severe," its second-highest level.

Conflicting claims over control

Washington and Tehran have offered sharply different accounts of the situation in the waterway.

The Trump administration has insisted the strait remains open. U.S. Central Command has rejected claims by Iran's Revolutionary Guard that Tehran controls the waterway, saying American forces and regional partners are in control.

A Central Command spokesperson said the vast majority of Iran's attempted attacks on shipping have been unsuccessful, and U.S. officials have said most ships transit safely.

Iran, however, maintains that the strait is closed to all traffic unless vessels receive permission from Iranian authorities.

Oil flows fall again

The attacks have reversed a recovery in oil shipments. Crude exports through the strait returned to prewar levels in September as the U.S. military guided tankers through the waterway, but shipments have since dropped.

Exports through the strait averaged 8.5 million barrels per day in the week ended Oct. 12, nearly 40% below normal levels before the war, according to data from analytics firm Kpler cited by CNBC. Daily flows have been highly volatile, ranging from about 3 million barrels to 6 million barrels on some days.

Before the war, roughly a fifth of the world's oil and liquefied natural gas passed through the strait, mostly bound for Asian markets including China, India, Japan and South Korea.

Pressure in the Red Sea

The pressure on energy markets has been compounded by Yemen's Houthi rebels, who have blockaded the Bab el-Mandeb Strait to Saudi-flagged tankers, according to CBS News. The Bab el-Mandeb links the Red Sea to the Gulf of Aden and is a key route for oil and cargo shipments.

The combined disruptions have kept global oil prices elevated, with Brent crude trading above $100 a barrel in recent weeks.

Global economic impact

The prolonged disruption has rippled through the global economy, raising fuel costs and contributing to inflation. Higher energy prices have weighed on stock markets and complicated central banks' efforts to control rising prices.

Shipping companies have faced soaring insurance costs, and many vessels have avoided the region entirely.

Diplomatic efforts to reopen the strait remain stalled as both sides hold firm on their conditions. Meanwhile, the rising number of mine strikes and attacks suggests the threat to shipping is likely to persist.

Energy markets will closely watch whether negotiations resume and whether U.S. forces can restore safe passage for commercial vessels.