US dangles end to sanctions, blockade if Tehran reopens vital oil chokepointLast updated: August 26, 2026 | 05:053 MIN READIranian women walk along the seashore, as vessels are seen in the Strait of Hormuz off the port city of Bandar Abbas, in southern Iran on August 10, 2026.AFPThe United States has offered to cancel its newly launched “Operation Economic Outcast,” lift all sanctions on Iran, and end its naval blockade in exchange for Tehran reopening the Strait of Hormuz and halting attacks by its regional proxies, according to a senior source cited by Al Arabiya.The proposal was conveyed by Pakistan’s army chief, Field Marshal Asim Munir, during a recent visit to Tehran, the reports said. The offer is characterised as a separate proposal linked to efforts to revive elements of a June 2026 memorandum of understanding (MOU) between Washington and Tehran that had aimed to end hostilities and restore shipping through the critical waterway. Hormuz passageAccording to the account, Washington’s terms centre on Iran guaranteeing free passage through the Strait of Hormuz — through which roughly 20 percent of global oil typically flows — and ending proxy attacks. In return, the US would suspend or cancel the economic isolation campaign announced only days earlier by Treasury Secretary Scott Bessent, remove sanctions, and terminate the naval blockade of Iranian ports. Iran demands unchanged