Iran Foreign Minister says we have not closed the door to diplomacy despite American violations; choice now rests with US

Statements of this kind, where a party publicises a staged de-escalation offer while placing the onus on the other side, are a familiar pattern in standoffs over Hormuz: the sequencing (reopen transit first, then negotiate) is itself the negotiating position, and past episodes have tended to hinge less on the offer than on whether the counterparty engages at all. The conditional framing keeps leverage intact while allowing Tehran to present itself as the reasonable party, a posture that has historically preceded both genuine resolution and prolonged stalemate. The channel that matters is the war-risk premium embedded in crude and product freight: tanker insurance rates, transit volumes through the strait, and the prompt Brent and WTI spreads are where any de-escalation reprices first, with the futures flat price following. The tell is whether Washington acknowledges the plan or dismisses it, and whether shipowners and insurers actually resume normal scheduling, since words alone have not moved freight rates in comparable episodes. Until acceptance is signalled, this is a headline that trims tail-risk pricing rather than one that reopens a chokepoint. Worth watching: any US response, actual vessel movement data, and whether the offer survives contact with the first round of talks.