Tehran, 25 October. Iran has offered the US a resumption of shipping in the Strait of Hormuz in exchange for lifting the US blockade of Iranian ports, Al Arabiya television reported; Iran has not commented.
Iranian Foreign Minister Abbas Araghchi said the same day that the rules for passage through the strait will not return to what they were. He said the wars of the past year and a half, especially the "Ramadan war" and the "40-day war", had been a turning point in the region's history, and called for a new security architecture involving the Gulf states and without outside powers.
What it means: Reports of a possible Hormuz deal are accompanied by tough public statements from Tehran that the old regime in the strait will not return.
Who benefits: The global oil market gets a chance of supplies through the strait being restored. For Kazakhstan this matters through prices: CPC Blend and KEBCO are priced against Brent, which reacts to disruptions in the Gulf.
Background: The Strait of Hormuz links the Persian Gulf with the Arabian Sea; before the crisis about a fifth of global oil supplies passed through it.
