The Gulf On Second Thought . . . As talks begin, Iran brings up the subject of U.S. hostages

Peace may be just around the corner in the eight-year-old conflict between Iran and Iraq, but it could take a while for the two sides to get there. In the wake of Iran's surprise announcement two weeks ago that it would agree to a cease-fire, Iraq embarked on a campaign designed to maximize its position in a postwar era. By attempting to gain more leverage in negotiations, however, Baghdad risked encouraging Tehran to return to war.

Both countries sent their Foreign Ministers to the United Nations in New York City to discuss how to put into effect Security Council Resolution 598, which calls for a U.N.-monitored cease-fire. The two officials, Ali Akbar Velayati of Iran and Tariq Aziz of Iraq, met separately with U.N. Secretary- General Javier Perez de Cuellar. But the peace process foundered over Iraq's demand for direct talks, which Iran refused for the moment to accept.

Meanwhile, Iraqi forces completed a series of thrusts deep into Iranian territory and pulled back to their side of the border. By Baghdad's admission, the attacks were mounted to capture enemy soldiers for use as bargaining chips in an eventual prisoner swap with Iran. Iraq claimed the raids netted 12,000 new captives, bringing its prisoner-of-war total to 35,000, still well short of the 50,000 Iraqis held in Iran.

For Washington, any delay in reaching agreement on a cease-fire would postpone a cutback of U.S. naval forces escorting oil tankers in the Persian Gulf. The Reagan Administration would also be forced to defer its efforts to forge a new relationship with Iran after a hiatus of nearly a decade. Last week Ali Akbar Hashemi Rafsanjani, speaker of Iran's parliament, raised that prospect and a good deal more: the possibility of securing Iran's help in gaining the release of nine American hostages believed held by pro-Iranian factions in Lebanon.

He tied his offer to a long-held Iranian goal: getting possession of assets, including $400 million worth of armaments, impounded by Washington when relations were severed in 1980. "Let them ((U.S. officials)) take a nonhostile pose by releasing our assets," said Rafsanjani. "If so, we will use our influence in Lebanon." Reagan Administration officials quickly ruled out the possibility of any deal that had the appearance of an Iran-contra- style ransom. Reagan nonetheless chose to view the comment optimistically, saying, "If they're willing and ready to talk, it's time."