Oil prices dropped 1% after Kyodo News reported an Iranian offer to reopen the Strait of Hormuz within seven days, conditional on initial US steps to reduce military pressure. Tehran is also seeking talks to bring hostilities with Washington to a permanent end.
The international benchmark Brent crude fell 0.98% to $99.36 a barrel, while the West Texas Intermediate dropped 1.14% to $94.69 per barrel.
A senior Iranian government official outlined the offer to Kyodo on Tuesday, saying intermediaries had passed it to the United States.
Before that report, the US envoy to the United Nations said Washington remained willing to negotiate with Iran, provided Tehran participated in good faith. The envoy also reiterated President Donald Trump’s determination to prevent Iran from obtaining a nuclear weapon.
Iranian President Masoud Pezeshkian had separately outlined his diplomatic priorities on Tuesday before leaving for the UN General Assembly in New York. He said he would defend Tehran’s stance on the war with the United States and draw attention to the difficulties Iran faced.
