TEHRAN — Iranian Foreign Minister Abbas Araghchi has put a short timetable on Tehran's latest diplomatic opening: seven days in which the US is required to release Iranian frozen assets, remove oil sanctions and lift the naval blockade, before Iran reopens the Strait of Hormuz.

Speaking to reporters in New York on Thursday, Araghchi said Iran was prepared to reopen the strategic waterway on the seventh day if Washington accepted conditions Tehran had conveyed through mediators. Negotiations would then resume. He also said "it would be better" if an agreement were reached before the US midterm elections in November.

The proposal followed a Qatar-mediated meeting between Araghchi and US special envoy Steve Witkoff in New York on Tuesday.

The significance of the plan lies in the sequence Tehran is proposing. Washington wants freedom of navigation restored; Iran wants substantial US concessions first.