Iran offered on Monday to reopen the Strait of Hormuz—a critical shipping chokepoint through which one-fifth of global oil and natural gas pass—if the U.S. ends its naval blockade and ceases the war that began in late February 2026. The offer came as Iranian Foreign Minister Abbas Araghchi met with Russian President Putin in St. Petersburg, signaling an effort to break the current stalemate. The Trump administration has indicated the proposal is unlikely to be accepted, as a central U.S. goal remains preventing Iran from obtaining nuclear weapons—a point the offer leaves unaddressed. This move underscores how the maritime standoff is driving oil prices higher globally, creating economic pressure on both sides to negotiate.