IRAN URGES U.S . TO ACCEPT HORMUZ REOPENING PROPOSAL | HELLENIC SHIPPING NEWS WORLDWIDE

What happened: Iran's foreign minister said Tehran's proposal to reopen the Strait of Hormuz within seven days remains on the table, and that the strait could reopen within six days of Washington accepting it. Key numbers: Proposal first presented in mid-September. Hormuz supplied roughly 20% of world oil consumption prior to the conflict. Why it matters: The closure has become a pain point for the global economy and oil prices remained largely underpinned by it. Iran upped attacks on shipping this month, depressing flows.

Iran's foreign minister said Tehran's proposal to reopen the Strait of Hormuz within seven days remains on the table, and that the strait could reopen within six days of Washington accepting it.

The closure has become a pain point for the global economy and oil prices remained largely underpinned by it. Iran upped attacks on shipping this month, depressing flows.