Oil prices reversed course, moving downwards in afternoon trading today, following statements made by a high-ranking Iranian official. The official indicated that his country could reopen the Strait of Hormuz within seven days, provided that the United States eases its
military pressure. By 13:12 Moscow time, Brent crude futures for November delivery registered a decline, settling at $97.67 per barrel, marking its lowest level since September 8th. West Texas Intermediate (WTI) crude futures for November also fell to $89.43 per barrel.
This downturn occurred after crude oil prices had witnessed an ascent during morning trading. The prominent Iranian official stated that "the United States must declare its willingness to resolve the issue diplomatically and officially, then agree on a timetable for moving
forward with this process." He added that the Iranian delegation currently in New York for the United Nations General Assembly meetings possesses full authority to revive the diplomatic path with the United States. The official clarified that Iranian President Masoud Pezeshkian,
who arrived in New York this Tuesday morning, would not be holding a meeting with U.S. President Donald Trump at the UN headquarters. He pointed to the possibility of discussing details for an agreement to end hostilities with Washington in
New York through intermediaries, confirming that Tehran submitted its proposal on this matter to the American side via intermediaries on September 16, 2026. The official also described the UN General Assembly meetings as a "golden opportunity for the United States to
return to diplomacy," emphasizing that Tehran would welcome the revival of diplomacy if Washington takes tangible steps. Iran and the United States had exchanged threats last Sunday. However, U.S. President Donald Trump had expressed openness to meeting his Iranian counterpart, Masoud
Pezeshkian, who is expected to be in New York this week to attend the United Nations General Assembly events.
