Negotiators from Tehran presented Washington with terms that would restore shipping access to a strategic waterway if a US naval blockade is lifted. A senior official conveyed the conditional offer to reopen the strait within seven days through mediators, though Iranian sources cited by Fars News Agency subsequently denied the reports of any such agreement.

Brent crude futures approached $100 a barrel and prices dipped on news of the potential deal. The market move follows a 3% decline in oil prices during diplomatic activity on Monday, reflecting the influence of ongoing military pressure and port restrictions on energy supplies.