Crude Prices Fall as Iran Offers to Reopen Strait of Hormuz

11:10 AM EDT, 09/25/2026 (MT Newswires) -- Crude prices fell Friday following Iran's proposal to reopen the Strait of Hormuz and resume diplomatic discussions with the US. Brent was last down 0.2% at $106.47 a barrel in Friday trading, having declined to as low as $104.40 earlier in the day. West Texas Intermediate dropped 0.6% to $94.06, off the session low of $92.09. Both benchmarks are on track for their third consecutive month of gains. Iranian Foreign Minister Abbas Araghchi said Tehran is willing to reopen the Strait of Hormuz, a key crude and energy chokepoint, in seven days and restart further talks, if Washington accepts its conditions, CNBC reported Friday, citing Araghchi's remarks on the sidelines of the United Nations General Assembly. "The conditions we have asked the US to meet are nothing new, nothing more than what was already in the Islamabad (memorandum of understanding)," Araghchi reportedly said. In June, both countries agreed to a ceasefire agreement, dubbed the Islamabad MOU, that halted military hostilities and kicked off another round of negotiations on Tehran's nuclear program. That peace deal, brokered primarily by Pakistan, collapsed in July. On Thursday, Reuters reported that US and Iranian negotiators were discussing a phased path out of their conflict, with Tehran reopening the strait and Washington lifting its economic blockade of Iran. The two sides engaged in indirect talks on the sidelines of the UNGA in New York this week, CNBC reported. Iranian President Masoud Pezeshkian said in an interview aired on Fox News Thursday that it is up to the US to make a decision on when to end the war, according to a Reuters report. "But we do not wish to continue. It's America that must choose whether it wants to end this or not," Pezeshkian reportedly said.