Commodities
Iran Offers US Deal to Reopen Strait of Hormuz Amid Economic Crisis
Iran has proposed a deal to the US to reopen the Strait of Hormuz, according to Kyodo. The message was conveyed by a senior Iranian government official and includes lifting the US blockade of Iranian ports within seven days.
The proposal comes as Iran's economic difficulties deepen due to its inability to export crude oil. Tehran is seeking to break the stalemate through this proposal, which has sparked concerns among the country's leadership about the prolonged situation.
Brent crude prices have fallen sharply in response, erasing earlier gains and approaching its lowest level since September 8. The intraday decline is close to 2%, with Brent crude now trading near $99 per barrel.