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Energy — Trade — Transportation — Iran

Iran Signals Possible Hormuz Reopening Amid Global Oil Disruption

The proposal comes after months of war that have severely disrupted shipping through the waterway, which normally carries about 20% of global oil and liquefied natural gas supplies

,   and  TIPP Staff
2 min read

Iran has reportedly offered to reopen the strategically important Strait of Hormuz within seven days if the United States reduces military pressure and lifts its blockade of Iranian ports, according to Reuters and Japan’s Kyodo news agency. CNBC said it could not independently verify the reports.

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The proposal comes after months of war that have severely disrupted shipping through the waterway, which normally carries about 20% of global oil and liquefied natural gas supplies. Oil prices fell following the reports, with Brent crude down 2.6% and West Texas Intermediate falling 3.1%.

The development comes as President Donald Trump faces pressure over the conflict and prepares to address the United Nations General Assembly. Treasury Secretary Scott Bessent has also threatened further economic measures against Tehran.

Separately, the G7 condemned continued attacks by Iran-backed Houthi rebels and urged an end to strikes on civilian shipping. The UK is providing aerial refueling support to Saudi Arabia as regional concerns over key oil routes grow.

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