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GeopoliticsMediumUpdated×8•Originally published 1 November 2026•Updated 2 November 2026•
1 min read

Araghchi reveals details of two-day Hormuz reopening via Qatari and Pakistani mediation

Key Facts

1The Iranian proposal calls for fully reopening the Strait of Hormuz within two days.
2The earlier Iranian proposal conditioned reopening within a week on US steps, and the AP reported that it was rejected.
3Oil flows through Hormuz fell from 21.6 million barrels per day in the fourth quarter of 2025 to 4.9 million in the second quarter of 2026.
4The Energy Information Administration raised its forecast for average Brent in the fourth quarter of 2026 to $105 per barrel, up $14 from the previous month’s forecast.

Iranian Foreign Minister Abbas Araghchi revealed that the new two-day proposal to reopen the Strait of Hormuz requires the United States to implement specific measures on the first day. Araghchi stated that the proposal was shared through mediators from Qatar and Pakistan, identifying a new diplomatic participant in the efforts to restore maritime traffic.

The proposal ties the reopening to a strict sequence where U.S. actions on day one precede the full reopening of the strait on day two. This comes as U.S. Energy Information Administration data shows oil flows through the strait dropped to 4.9 million barrels per day in the second quarter of 2026, down from 21.6 million barrels per day in the fourth quarter of 2025.

The Energy Information Administration is scheduled to release its next Short-Term Energy Outlook on November 10, 2026, which may update price forecasts that currently place Brent at an average of $105 per barrel for the fourth quarter.

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