Iran Reportedly Offers to Reopen Vital Strait of Hormuz Within 7 Days if U.S. Eases Pressure

Iran has suggested that it could reopen the strategically vital Strait of Hormuz within seven days if the United States eases military pressure and lifts its blockade on Iranian ports, according to media reports.

The reported proposal raised the possibility of renewed diplomacy between Washington and Tehran after nearly seven months of war in the Middle East. In recent days, the Trump administration has also threatened to intensify its economic pressure campaign against Iran.

Reuters and Japan’s Kyodo news agency reported the conditions, citing an unnamed senior Iranian government official. CNBC could not independently verify either report.

A senior Iranian government official told MS Now, CNBC’s Versant Media partner, that the accounts published by Reuters and Kyodo were not true. The conflicting claims left the reported reopening terms in dispute.

War has severely disrupted shipping through the Strait of Hormuz, a narrow waterway that typically handles around 20% of global oil and liquefied natural gas supplies. The disruption has sent shock waves through the global economy.

U.S. stock index futures traded mixed following the news, while oil prices reversed earlier gains. International benchmark Brent crude futures for November delivery fell 2.6% to $97.73 per barrel.

U.S. West Texas Intermediate futures for October delivery were last down 3.1% at $92.40 per barrel. The moves reflected another volatile session as markets tracked developments affecting a major global energy transit route.

The reports emerged shortly before U.S. President Donald Trump was scheduled to address the United Nations General Assembly on Tuesday. Trump has faced mounting domestic pressure over his decision to launch the war against Iran, which has rattled the global economy.

Earlier in the week, U.S. Treasury Secretary Scott Bessent threatened to “shut down” all Iranian airlines from as soon as Wednesday. He described measures that could deny those airlines fuel, landing services and ticket sales.

Speaking Monday on CNBC’s “Squawk Box,” 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 said Washington was pressuring Iran “like never before” and moving against Iran’s “enablers” around the world, including through sanctions on banks. Last week, the Treasury announced sanctions on Russia’s state controlled VTB Bank as part of its effort to isolate Iran economically.

The G7 separately called for an end to attacks by Houthi rebels backed by Iran against Yemen and Saudi Arabia. The group condemned the Houthis’ “unacceptable continued strikes” and called for an end to military actions and attacks on civilian shipping.

The G7 also urged Iran to stop supporting the rebel group. The Houthis reportedly said they had attacked “sensitive” sites in the Saudi capital Riyadh over the weekend, while fire and smoke were seen near the city’s airport.

Houthi rebels also recently seized Yemen’s Perim Island in the Red Sea, strengthening their grip on the Bab el-Mandeb Strait. That development puts Iran and its proxies on course to exercise control over two crucial oil chokepoints, alongside the Strait of Hormuz.

The Bab el-Mandeb Strait provides an important alternative route for oil exports seeking to bypass the Strait of Hormuz. It is particularly important for Saudi Arabia because the kingdom’s East-West pipeline can divert some crude flows for export through the Red Sea.

The United Kingdom reportedly said it would support Saudi Arabia against the Houthis, with the Royal Air Force providing refueling for Saudi aircraft. U.K. Prime Minister Andy Burnham said the arrangement would last for a matter of weeks and remain under review.

Trump had refused Riyadh’s request for assistance against the rebels over the weekend and reportedly canceled a planned airstrike. Burnham said he was acting to protect British and regional interests while keeping oil pathways open.

NATO Secretary-General Mark Rutte also indicated last week that European nations could support Saudi Arabia. He told the BBC that he would not be surprised if European allies were discussing how to respond.