The U.S. and Iran Are Discussing a Deal to Reopen the Strait of Hormuz and Lift the Blockade — Reuters
The price of Brent crude oil fell from $108 to $104 per barrel
Iranian President Masoud Pezeshkian during his address to the UN General Assembly in New York on September 23 / Photo: UN Photo/Loey Felipe
U.S. and Iranian representatives in New York are discussing a phased end to the war, under which Tehran would open the Strait of Hormuz to shipping and Washington would lift the economic blockade against Iran, Reuters reported, citing sources.
Negotiations are being complicated by the fact that neither side is willing to be the first to back down, two Iranian sources, two regional sources, and two Western diplomats told the agency. “One way forward is to resolve the crisis in stages. The first [step] would be to lift the blockade and reopen the Strait of Hormuz,” a high-ranking Iranian source told Reuters.
The price of Brent crude oil saw its rise slow sharply following a Reuters report: prices fell from $108 per barrel to nearly $104. But then they rose above $105 per barrel again, gaining nearly 2%.
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