After Iran makes new offer to fully reopen the Strait of Hormuz, Trump posts a map on social media calling it the ‘Trump Strait’

It’s been a busy week for Iranian diplomacy that may have come to nothing.

Iran’s president and foreign minister visited New York for the U.N. gathering of world leaders and proposed a deal with the Trump administration that would end the fighting and open the Strait of Hormuz in seven days. That’s if the U.S. ends its military blockade of Iranian ports, releases frozen Iranian assets and waives sanctions on Iranian oil sales, among other conditions — none of them new.

What’s different after past failed attempts is the speedier timeline. Iran’s pitch to President Donald Trump said a quick deal might help him in the midterm elections in November.

Trump early Saturday appeared to share the first indication of his thinking, posting a map on social media of the crucial waterway calling it the “Trump Strait.” Around the same time, Iran’s state media said President Masoud Pezeshkian was going home.

Here’s where things stand as Iran and the U.S. each try to outlast growing economic pain following seven months of war.

The two sides hold their........

© Fortune