Iran is currently negotiating with the U.S. through a mediator from Qatar, presenting conditions to cease hostilities that have persisted for seven months. Iranian foreign ministry spokesman Esmaeil Baghaei stated that Tehran's demands include stopping U.S. 'acts of aggression,' lifting the naval blockade, and releasing Iranian assets.
The proposal aims to restore shipping traffic through the Strait of Hormuz, which previously accounted for about 20% of global oil and gas shipments. A senior Iranian official indicated that the strait could be reopened within a week if the U.S. reduces military pressure.
President Donald Trump, addressing the United Nations General Assembly, mentioned the possibility of a deal post-midterm elections, emphasizing the choice between negotiation and military action. Current shipping through the strait is significantly reduced, averaging 6.98 million barrels per day, which is only 38% of the pre-war levels.
Meanwhile, Iran's crude exports have plummeted to zero in September from 893,000 barrels per day in July due to the blockade. The situation has led to a decline in oil prices, with Brent crude futures falling to $98.37 per barrel and West Texas Intermediate futures dropping to $89.16 per barrel, reflecting market optimism regarding potential diplomatic resolutions