Iran has announced its readiness to reopen the Strait of Hormuz within a week if U.S. pressures are reduced. This news was announced by a senior Iranian official to Japanese media, and as a result, oil prices were significantly affected.
Details of Iran's Proposal
The Iranian official reminded that Iran's proposal includes measures to end the military blockade of Iranian ports and to halt military operations in the Strait of Hormuz. This proposal has been conveyed to the United States and includes the resumption of negotiations for a permanent end to hostilities.
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Iran is planning to consult with intermediaries on the sidelines of the United Nations General Assembly in New York this week. However, there will be no direct meeting between Donald Trump, the President of the United States, and Masoud Pezeshkian, the President of Iran, regarding this matter.
Impact on Oil Market
This news caused Brent crude oil prices, recognized as the international benchmark, to drop below $100 per barrel, reaching a price of $98 per barrel. Additionally, West Texas Intermediate (WTI) crude oil prices fell to $91 per barrel. This price drop was due to hopes for a diplomatic breakthrough and Iran's readiness to reopen the Strait of Hormuz if pressures from the United States are reduced.
The Iranian official also stated that if the United States takes actions to end the blockade, which has severely impacted Iran's oil exports, Iran is ready to reopen the Strait of Hormuz within a week.
In this context, Mohsen Rezaei, the Secretary of Iran's Supreme National Security Council, has announced seven key conditions for Iran's return to negotiations. These conditions include ending the U.S. blockade and freeing Iran's frozen assets.
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