Iran Signals Possible Reopening of Strait of Hormuz Amid US Tensions

Oil prices fell after Iran signaled it could reopen the Strait of Hormuz within seven days if the US takes initial steps to reduce military pressure.

The move eased some fears about a major disruption to oil shipments through the key waterway, with Brent crude futures falling 0.89% to $99.45 per barrel and WTI crude dropping 1.14% to $94.69 per barrel.

Iran's offer is part of its efforts to restart negotiations with the US as Tehran looks for a possible diplomatic path forward.

However, some issues still need to be settled before a lasting solution can be reached, including tolls and fees.