Senior Iranian Official's Remarks Influence Global Oil Prices
Global oil prices experienced a notable decline in afternoon trading today, influenced by statements from a senior Iranian official. The official indicated that Iran could reopen the Strait of Hormuz within seven days if the United States eases its military pressure. By 13:12 Moscow time, November futures for Brent crude had fallen by 2.66% to $97.67 per barrel, marking a drop below $98 for the first time since September 8. Similarly, November futures for West Texas Intermediate crude decreased by 3.18%, reaching $89.43 per barrel. Oil prices had seen an upward trend in morning trading. The prominent Iranian official stated that "the United States must declare its willingness to resolve the issue diplomatically and formally, then agree on a timetable to move 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 track with the United States. The official clarified that Iranian President Masoud Pezeshkian, who departed Tehran for New York this Tuesday morning, would not meet with US President Donald Trump at the UN headquarters. He also pointed to the possibility of discussing the details of an agreement to end hostilities with Washington in New York through mediators, noting that Tehran had submitted its proposal in this regard to the US side via intermediaries on September 16, 2026. The official further emphasized that "the UN General Assembly meetings represent a golden opportunity for the United States to return to diplomacy," affirming that Tehran would welcome the revival of diplomacy if Washington takes tangible steps. This development follows an exchange of threats between Iran and the United States last Sunday, despite US President Donald Trump's statement that he is open to meeting his Iranian counterpart, Masoud Pezeshkian, who is expected to be in New York this week to attend the UN General Assembly meetings.
