Commodities
Iran's Hormuz Offer Sends Oil Prices Reeling Amid Renewed Diplomacy
Iran's reported offer to reopen the Strait of Hormuz within seven days if the US takes initial steps to ease military pressure has sent crude oil prices slipping. The Iranian delegation attending the United Nations General Assembly in New York has been given full authority to pursue renewed diplomacy with the US, according to Reuters.
The price drop saw Brent crude futures maturing in November fall to $98.28 per barrel, while October WTI futures traded at $93.28 a barrel, both down 2.6%.
US Treasury Secretary Scott Bessent told CNBC on Monday that Washington is 'pressuring [Iran] like never before' and tied the Iran conflict directly to financial markets.