Brent crude fell below $99 a barrel in Asian trading Wednesday after the US and Iran held hours of talks at a United Nations meeting, their first discussions since June. US Treasury yields also edged lower.

Iran has offered to reopen the Strait of Hormuz within seven days if Washington eases military pressure and lifts its blockade of Iranian ports, a senior Iranian official told Reuters on Tuesday. The proposal was delivered through mediators on Sept. 16, and Iran’s delegation in New York has full authority to revive diplomacy, the official said.

Shipping through Hormuz remains disrupted. Just 12 trackable commodity vessels crossed over the weekend, down from 35 the previous weekend, Kpler data showed. Middle Eastern producers continued exporting oil on tankers with their transponders switched off, Reuters reported, meaning visible traffic does not capture all shipments.