According to media reports, Iran has suggested it could reopen the Strait of Hormuz within one week if the U.S. eases military pressure and lifts its blockade of Iranian ports.
The reports emerged just before U.S. President Donald Trump is scheduled to speak at the United Nations General Assembly on Tuesday, amid increasing domestic pressure over his decision to initiate the war, which has unsettled the global economy.
The news comes following U.S. Treasury Secretary Scott Bessent’s threat to “shut down” all Iranian airlines as soon as Wednesday.
Speaking reporters, Bessent said: “How do we do that? That if they land, you cannot provide them with fuel. You cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar system.”
Bessent stated that Washington is exerting unprecedented pressure on Iran, including hitting Iran’s global enablers, such as sanctioning banks.
Following the report, U.S. stock index futures moved in different directions, and oil prices fell back after initially rising.
Brent crude futures for November dropped 2.6% to $97.73 per barrel, while U.S. West Texas Intermediate futures for October declined 3.1% to $92.40.
The possibility of renewed diplomacy between the U.S. and Iran comes after almost seven months of conflict in the Middle East.
By CEO NA Editorial Staff
