Hormuz and Yemen: Iran offers de-escalation at a price others will pay

It was hardly surprising that Tehran chose the United Nations General Assembly (UNGA) in New York as the platform for its latest offer. After nearly seven months of war with the United States, Iranian Foreign Minister Abbas Araghchi returned with a plan that, on its face, says the waterway through which roughly a fifth of the world’s oil and a similar share of its gas pass could reopen within seven days if Washington accepts Tehran’s conditions.But reading the offer simply as a de-escalation initiative misses what is most dangerous about it. In reality, it is an attempt to turn leverage Iran itself created into a bargaining chip to be sold at the highest possible price. And Tehran wants part of that price paid in Yemen.The heart of the plan: Controlled reopeningAs presented by Araghchi, the plan calls for a seven-day cessation of hostilities across the region, including Lebanon; the release of at least $12bn in frozen Iranian assets; the lifting of sanctions on Iranian oil; and an end to the US naval blockade. In return, the Strait of Hormuz would reopen through a new route determined by Iran and Oman.That final detail alone is enough to show what Tehran is seeking. It is not a ret...