Iran Offers to Reopen Strait of Hormuz if US Eases Military Pressure; Oil Prices Fall

Iran has offered to reopen the Strait of Hormuz within seven days if the US eases military pressure and lifts its blockade, a proposal reportedly relayed to Washington via mediators. The offer signals Tehran's willingness to revive negotiations. The proposal was confirmed by a senior Iranian official, who ruled out a direct meeting between President Masoud Pezeshkian and US President Donald Trump but noted an agreement is possible if Washington shows seriousness. Iran also demands the US halt military operations linked to the waterway, with Tehran previously outlining seven conditions including unfreezing assets. Oil prices dipped below $99 a barrel following the report, with Brent crude dropping over 3.5% and WTI declining 2.25% on eased supply concerns. The initiative follows the breakdown of a June US-Iran memorandum of understanding amid ongoing military tensions.