Oil Declines as US, Iran Said to Explore Deal to Open Hormuz

Iran has proposed a deal to reopen the Strait of Hormuz within seven days, mirroring a Memorandum of Understanding from June but with an accelerated timeline. Simultaneously, US and Iranian negotiators are exploring a phased agreement where Tehran reopens the Strait of Hormuz while Washington lifts its blockade of Iranian ports. Following reports of these diplomatic discussions on Bloomberg Television, oil prices have declined as both nations seek a resolution to the current maritime tensions.