Iran has offered the United States a possible deal that could see the Strait of Hormuz reopened and normal shipping restored within seven days if Washington meets conditions already set out in a June memorandum of understanding.
Iranian Foreign Minister Abbas Araghchi made the proposal while speaking to reporters at the United Nations in New York, saying Tehran had sent the plan to the US through Qatar. He said the reopening of the key waterway would depend on the necessary conditions being met.
"If the necessary conditions are met, the strait can be reopened, a normal maritime passage restored within seven days," Araghchi told reporters.
He did not give details of the specific steps Iran expects the US to take but said they were already contained in the memorandum signed in June.
"The actions that the United States should take are not new. They are all already in the MOU," he said.
Araghchi added that Iran was ready to move if Washington showed that it was serious about reaching an agreement and reopening the waterway.
"I can tell you if there is seriousness in the US side to come to a deal and reopen the Strait of Hormuz, everything is now prepared," he added.
A US official told the BBC that positive discussions were taking place through mediators, including talks involving nuclear issues. However, the official said Washington believed it was in no hurry to reach an agreement.
"We are in a very strong position with control of the Strait of Hormuz, so we are not in a rush," the US official said.
The proposal comes amid a wider conflict that has disrupted shipping and energy markets. The US and Israel launched air strikes on Iran on 28 February, prompting Iran to attack Israel, US bases in the Gulf and Arab Gulf states allied to Washington.
Iran subsequently blocked the Strait of Hormuz, one of the world's key routes for oil and liquefied natural gas shipments. Before the war, about 20% of the world's oil and liquefied natural gas passed through the waterway.
The closure has led to sharp changes in energy prices and added pressure on US President Donald Trump to find a way to end the conflict, particularly with Congressional elections due in November.
The June MOU was intended to establish a ceasefire and allow the Strait of Hormuz to reopen at least partly. The 14-point agreement stated that Iran would never develop a nuclear weapon and called for the US, Iran and their allies to stop military operations on "all fronts".
The agreement also included plans for an end to a US naval blockade and sanctions relief. Iran was expected to "make arrangements using its best efforts for the safe passage of commercial vessels" through the strait and hold discussions with Oman on future shipping arrangements.
The agreement collapsed shortly afterwards when the two sides resumed military strikes.
Iran has since attacked vessels it says tried to pass through the Strait of Hormuz without authorisation. The US has also carried out attacks on Iranian sites in the waterway and Iranian tankers off Iran's coast, while maintaining a blockade of Iranian ports.
The blockade has caused major disruption to Iran's economy.
Trump has since said the US has succeeded in getting oil through the Strait of Hormuz. However, shipping figures show that traffic remains far below normal levels.
Data from commodities data and analytics firm Kpler, cited by Reuters, shows a recent 10-day average of about 18 vessel transits each day. On some days, the number of vessels passing through the strait has fallen to as few as nine.
The disruption has also spread to another major shipping route. Yemen's Houthis, who are allied to Iran, have recently stepped up attacks aimed at disrupting Saudi oil exports through the Red Sea.
The group captured large and strategically important sections of Yemen's Red Sea coast during a rapid offensive this month, including the port of Mokha, which overlooks the Bab al-Mandab Strait.
The situation has been made worse by Houthi attacks on Saudi oil facilities. US media reports have said Saudi Crown Prince Mohammed bin Salman has asked Trump for military support.
Trump, speaking during the United Nations General Assembly this week, said he believed an agreement with Iran could follow November's elections. He also issued a fresh threat against Tehran earlier in the week.
"Will a deal be made with Iran that lets them rebuild and create a far greater country than it ever was before?"
"Or do I annihilate the Islamic Republic and do it quickly, never giving them a chance to kill and destroy people and countries again? Do I drive them into hell?"
Araghchi rejected the use of threats in negotiations, saying Iran would not accept pressure or intimidation.
"Peace cannot be built through threats of annihilation," he said, adding that Iran did not accept "coercion, threats or intimidation".