Iran’s Hormuz plan drives oil prices lower

Brent crude falls 2.1% after Iran proposes Hormuz plan

Iran’s seven-day plan presented to the United States and its proposal to reopen the Strait of Hormuz contributed to the decline in oil prices. Brent crude futures fell 2.1% to $104.30 a barrel, while U.S. crude fell to around $92.40.

Scraper SystemSeptember 26, 2026, 09:58 AM

Brent crude falls 2.1% after Iran proposes Hormuz plan

Oil prices declined amid developments between Iran and the United States. Brent crude futures fell 2.1% on Friday to $104.30 a barrel.

U.S. crude futures also lost 2.3%, falling to around $92.40. Developments suggesting that a ceasefire could be reached between the two countries, along with Iran’s seven-day plan to end the conflict, contributed to the decline in prices.

Iran proposes reopening the Strait of Hormuz

Iran’s plan includes reopening the Strait of Hormuz and continuing nuclear negotiations. Iranian Foreign Minister Abbas Araghchi said at a press conference in New York held on the sidelines of the 81st session of the United Nations General Assembly that the proposal largely resembled the commitments included in the memorandum of understanding reached between the United States and Iran in June but broken down shortly afterward.

Araghchi said Iran was ready to implement the plan if Washington accepted the proposal. During the talks, the U.S. administration maintained positive and constructive contacts through mediators but did not intend to rush into an agreement.

Dispute over navigation in the Strait of Hormuz stalled talks

Thousands of people have been killed in the conflict that began on Feb. 28 with the war waged by the United States and Israel against Iran. Tehran also carried out attacks against Israel and U.S. bases and positions in the region.

Although the United States later carried out attacks on targets in Iran, the talks made no progress after the memorandum reached between the two countries in mid-June. The deadlock in the negotiations was linked to a dispute over navigation in the Strait of Hormuz, a major route for global energy and goods shipments.

Brent crude falls 2.1% after Iran proposes Hormuz plan