Iran's Strait Proposal Sends Oil Prices Tumbling

Oil prices plummeted today after a report suggested that Iran might reopen the Strait of Hormuz within seven days if the US lifts its blockade on Iranian ports. This potential easing of supply disruptions has boosted hopes for a resolution in the conflict.

The Japanese news agency Kyodo reported that Iran proposed reopening the strait as part of a plan to break the ongoing stalemate. The proposal aims to serve as a basis for discussions with countries mediating between the two sides during the United Nations General Assembly meetings.

The US crude oil inventory report from the American Petroleum Institute is expected later today, ahead of official data from the US Energy Information Administration due tomorrow.