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Japan is in talks with Iran for potentially opening the Strait of Hormuz to the former's vessels – a microcosm of the dilemma facing countries that need to use the key waterway.
Tehran has started talks with Tokyo about possibly opening the strait, Mr Araghchi told the Japanese news agency in a phone interview on Friday – a day after Japanese Prime Minister Sanae Takaichi visited US President Donald Trump at the White House.
Sides can talk, but given Iran's control and significant leverage over the strait, it might not be easy to strike a deal – unless the country has something to gain from it.
"The problem is that the ball is well and truly in Iran's court, and it is effectively the only meaningful card they have left to play," analysts at Sydney-based Fortress Family Office said.
"So why would Iran reopen it? Not out of goodwill, and not simply because of pressure. They will only do so if the incentives are compelling enough."
Which countries are able to use the strait?
Only less than 100 vessels have been able to pass through the Strait of Hormuz ever since the war broke out – and that is a mere fraction of the up to 135 ships that were able to use the waterway before the conflict.
About a third of those are connected to Iran, while some are linked to India, Pakistan and China, which are considered friendly to Tehran. China, however, is reportedly upset with Iran's closure of the strait.
Turkey had also confirmed that it was able to use the strait, while France and Italy, allies of the US, are in talks with Tehran, the Financial Times reported.
Granted, the strait remains effectively shut.
"This is not a reopening. It is a permission-based regime, where passage is granted selectively to ships linked to non-hostile or strategically aligned countries," analysts at the Kuwait-based Edge for Economic Consultancy said.
What are the alternatives?
The Strait of Hormuz normally welcomes about a fifth of the world's crude shipments, making it critical to global oil trade. And given where it is on the map, there are very few alternatives that can match the efficiency it provides.
The most prominent alternatives are Saudi Arabia's East-West pipeline, whose terminal is at Yanbu port on the Red Sea, UAE's Port of Fujairah and Oman's Port of Salalah.
For decades, Fujairah and Salalah were earmarked for development to reduce dependence on the Strait of Hormuz. Salalah, on Oman's southern Arabian Sea coast, is a critical port infrastructure hub. It has become an increasingly important hub for tankers seeking to bypass the Strait of Hormuz.
But Iran's drone strikes on attacks on those two ports have struck a broader pattern of targeting alternative routes to the Strait of Hormuz and further disrupting oil shipments.
Priorities first
The US has pressured its allies – even dragging in economic and political rival China – to help in securing and reopening the Strait of Hormuz, only to be continuously rebuffed.
For Iran, it might be willing to play the long game, having survived international sanctions and economic challenges. For the rest, that same waiting game would hurt, with effects rippling through the global economy.
And even if the strait is reopened, there would always be the doubt that attacks may continue.
“Safeguarding navigation through the Strait of Hormuz would not resolve the region’s complex tensions," said Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development.
"But it could prevent a geopolitical crisis becoming a global economic shock – and demonstrate that pragmatic co-operation can still protect the world’s most vulnerable while reopening a path towards diplomacy.”
