Hormuz Offer

Iran will reopen the Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports, a senior Iranian official told Reuters, according to the Independent and CNBC.

The offer comes with conditions. Washington must announce publicly that it wants a diplomatic resolution and agree on a timeline, the official said, according to the Independent. Iran's delegation at the United Nations General Assembly in New York has full authority to negotiate, the official added.

Roughly a fifth of the world's oil and gas trade moves through the strait. Traffic has thinned for months. Seventeen commodity vessels crossed the waterway over the weekend. That's down from 37 a week earlier, and far below the roughly 120 that passed daily before the war, according to shipping data cited by the Guardian.

Markets moved fast. Brent crude fell 2.6% to $97.73 a barrel. U.S. crude dropped 3.1% to $92.40, CNBC reported, as word broke just before President Trump's address to the UN General Assembly.

Threats persist alongside the diplomacy. IRGC spokesperson Hossein Mohebbi warned Tehran would "change the weapons and geography of the war" if the U.S. strikes again, the Independent reported. Treasury Secretary Scott Bessent said Washington would move to "shut down" Iranian airlines by Wednesday, cutting off fuel and dollar access, CNBC reported.

Iranian President Masoud Pezeshkian left Tehran for the UN gathering Tuesday. Secretary of State Marco Rubio told NBC News that Trump is "open" to meeting him, though nothing is scheduled, according to the Independent. A senior Iranian official told Reuters no such meeting is planned this week.

"Nations cannot be forced into submission through force," Pezeshkian said, as quoted by the semi-official Tasnim News Agency and reported by ABC News.