Iran Threatens to Reopen Hormuz Within Seven Days, Oil Prices Plunge Further
A deal between Iran and the US could lead to the reopening of the Strait of Hormuz within seven days, according to Iranian officials. The news has caused oil prices to drop further, with Brent crude falling 2.22% to $98.11 a barrel and West Texas Intermediate plummeting 2.70% below $90 a barrel.
Tehran conveyed its proposal to the US last week, stating that the US needs to officially announce its desire to resolve the issue diplomatically and agree on a timeline for further action.
President Donald Trump said he would likely be open to meeting with Iranian President Masoud Pezeshkian, who is expected to attend the United Nations General Assembly in New York. However, Pezeshkian is not expected to meet with Trump at this time.
The US Treasury Secretary threatened to shut down Iranian airlines and sanction countries receiving planes as of Wednesday, saying that if they land, they cannot provide them with fuel or landing services without facing consequences.