
Iran's foreign minister announced a proposal to reopen the Strait of Hormuz within seven days, contingent on conditions outlined in a June memorandum of understanding between Iran and the United States. The strait, a critical waterway controlling approximately 20 percent of global oil and liquefied natural gas supply, has been blocked since recent military escalations between the two nations. Iranian officials stated the necessary steps are already documented and await American acceptance through mediation conducted by Qatar.
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