US, Iran Hold Indirect Talks as Mideast Oil Exports Reach War-Time High

The US and Iran have held separate indirect talks with mediators in an effort to end seven months of war. Iranian Foreign Minister Abbas Araghchi met Qatari mediators in New York, where he remained after the UN General Assembly.

Araghchi said he expects Washington's reply by Tuesday and plans to return to Tehran once a response arrives. He stated that Iran's proposal calls for a four- to five-day US timeline to release frozen Iranian funds, lift sanctions on Iranian oil, and end the naval blockade of Iranian ports.

The proposal also includes beginning nuclear talks within seven days, with Tehran tying any reopening of the Strait of Hormuz to those steps. President Donald Trump had rejected Iran's plan as 'unacceptable' on Sunday, saying it wants a swift deal due to economic pressure.

Despite this, physical supply data shows the war's toll on the oil market easing, with Middle Eastern crude exports rebounding to around 80% of pre-conflict levels. The Strait of Hormuz itself remains far from normal, with total clearance through the strait at 10,591 kilobarrels a day on Saturday.