Iran Offers to Reopen Strait of Hormuz Within Seven Days
The Strait of Hormuz, a critical oil transit route, may reopen within seven days if the United States eases its pressure on Iran. A senior Iranian government official told Japan's news agency Kyodo News that Iran will consult with intermediaries during the UN General Assembly gathering in New York this week.
The official said that Iran has conveyed its proposal to the U.S., which includes resuming talks aimed at permanently ending hostilities and easing the blockade of Iranian ports. The official noted that there is a possibility of moving toward an agreement, but emphasized that the United States must show 'seriousness and commitment' if diplomatic progress is to be made.
Iran has reportedly prepared to reopen the Strait of Hormuz within seven days if the U.S. takes steps to ease pressure, including ending the blockade and releasing frozen Iranian assets. This comes as Iran's Supreme National Security Council Secretary, Mohsen Rezaei, has communicated seven key conditions for negotiations, which include the end of the U.S. blockade.
The development sent oil prices tumbling by 3% early on Tuesday, with Brent Crude slipping below $100 per barrel and trading at $98 a barrel, while WTI Crude fell to $91 per barrel.