Iran has suggested a deal to reopen the Strait of Hormuz in 7 days

Iran has offered to reopen the Strait of Hormuz and resume talks on its nuclear program in seven days if the United States lifts its naval blockade, waives sanctions on Iranian oil sales and observes a ceasefire that would include Lebanon.

Iran's Foreign Minister Abbas Araghchi detailed the proposal in a private gathering on Thursday on the sidelines of the U.N. General Assembly in New York, according to one attendee.

Trita Parsi, executive vice president of the Quincy Institute think tank, who attended, said Araghchi suggested that a speedy agreement would help U.S. President Donald Trump ahead of November's midterm elections.

There was no immediate comment from Iran's U.N. mission or other Iranian officials.

The proposal strongly resembles the so-called Memorandum of Understanding reached in June, but with an accelerated timetable. The earlier agreement, which had called for a 60-day interim period, quickly collapsed as Iran resumed attacks on shipping in the strait.

Trump has said he is in no rush to reach a deal, even as high oil prices fuel inflation and exacerbate cost of living concerns. On the Iranian side, there are questions as to whether the hard-liners who dominate the security forces will accept compromises championed by relative moderates, like President Masoud Pezeshkian.

“If Trump calculates this arrangement is worthwhile and can bring political benefit before the midterms and reduce gas prices, perhaps we'll see flexibility not seen in previous weeks,” Parsi said. But he noted “deep suspicion,” especially around the prospect of Iran merely buying time to get out more of its oil and ease its economic pain.

In the latest sign of diplomatic movement, Pezeshkian hosted the prime minister of Qatar early Friday. Qatar has served as a key mediator, including during hours of indirect Iranian-U.S. talks at the U.N. this week.

It was not clear how long Pezeshkian and Araghchi would stay in the U.S. after Pezeshkian addressed the annual U.N. gathering of world leaders on Wednesday.

U.S. Secretary of State Marco Rubio said Wednesday that “if there’s an opportunity to exchange ideas and messages, we will.”