Iran Offers to Reopen Strait of Hormuz in Seven Days, Oil Prices Drop Below $100

Iran has offered to reopen the Strait of Hormuz within seven days if the US eases its military pressure, a move that has pushed oil prices below $100 a barrel. The proposal was reported by Kyodo news agency, citing a senior Iranian official. The offer, already transmitted to Washington via mediators, aims to resume talks toward a permanent cessation of hostilities. The official ruled out a meeting between President Masoud Pezeshkian and US President Donald Trump at the UN General Assembly, but said progress remains possible. Iran seeks US signals on ending the naval blockade of its ports and suspending military operations near the strait, with the initiative approved by Supreme Leader Mojtaba Khamenei and the National Security Council. Markets reacted immediately, with Brent crude falling to $98.51 per barrel, down 1.82%, while WTI dropped 3.37% to $89.26. The development comes ahead of the UN General Assembly, reigniting hopes for a de-escalation of the Middle East conflict.