Iran Submits New Draft to US on Reopening Hormuz, Lifting Blockade

This is notable less for the draft itself than for the venue and framing: a UN General Assembly side-channel, with both sides reportedly negotiating a phased exchange rather than a single package. That structure implies sequencing risk — whoever moves first bears the exposure if the other side stalls — which explains the deliberate vagueness and the appeal to the June memorandum as the governing framework. Energy and shipping markets with Hormuz exposure are the obvious audience. The open question is whether a phased deal can survive domestic opposition on either side long enough to be implemented.