
- WTI falls as Iran offered to reopen the Strait of Hormuz within seven days if the US eases pressure.
- Easing market anxiety from high-volume tanker navigation through the Strait of Hormuz could ease pressure on oil prices.
- Satellite data revealed Saudi Arabia’s Gulf terminals hosted supertankers carrying 14 million barrels over the weekend.
West Texas Intermediate (WTI) extends its losing streak after losing daily gains, trading around $90.20 per barrel during the European hours on Tuesday. Crude oil prices lose ground after Kyodo News noted a senior Iranian official, saying that Iran has offered to reopen the vital Strait of Hormuz within seven days on the condition that the United States takes concrete initial steps toward reducing economic and military pressure on Tehran.
The diplomatic proposal was transmitted to Washington through third-party intermediaries as international leaders gather for the United Nations General Assembly in New York. Iranian officials plan to leverage the summit to engage with mediator nations to help de-escalate tensions and revive broader peace talks.
Geopolitical attention remains focused on US President Donald Trump, who is scheduled to address the UN General Assembly later in the day. His agenda includes a possible side meeting with Iranian President Masoud Pezeshkian, alongside planned talks with Chinese President Xi Jinping and leaders from other Gulf nations throughout the week. Additionally, the Trump administration has proposed establishing a $5 billion fund to support the reconstruction of war-damaged infrastructure across the Middle East.
However, oil prices could see downward pressure as market anxiety eased after energy supplies successfully navigated through the Strait of Hormuz over the weekend. Highlighting this flow, Saudi Arabia moved crude through the Strait of Hormuz at a rate of 2.9 million barrels per day over the past six days. Satellite images also revealed supertankers with a combined capacity of 14 million barrels docked at Saudi Arabia’s Gulf export terminals over the weekend, representing the highest tanker count observed since at least June.
Brent slips back toward $100 as Middle East diplomacy hopes build
Strategists at Deutsche Bank highlight that “markets have put in a strong performance over the last 24 hours,” even as Brent crude “briefly [fell] beneath $100/bbl again as hopes grew for a diplomatic solution in the Middle East.” They note that the move in Brent, which saw the benchmark down “-3.40%,” came against this backdrop of improving sentiment around regional diplomacy.





