Iran is prepared to open the Strait of Hormuz within seven days if the United States takes the first steps to ease military pressure, a high-ranking Iranian official told Kyodo News. The information was conveyed to Washington through intermediaries, the official said. Brent crude futures fell below $98 per barrel following the reports.

November Brent futures on ICE Futures were trading at $97.67 per barrel, down $2.68 from the previous close. October WTI futures on the New York Mercantile Exchange fell to $92.78 per barrel, while November futures were down to $89.43.