Iran said an agreement with Oman on new shipping lanes through the Strait of Hormuz is in its "final stages," but Tehran reiterated that the strategic waterway will not reopen unless the U.S. meets several conditions.
Oil Prices Rise as Markets Watch Hormuz
Late Sunday, Dow futures fell 127.00 points, or 0.23%, to 54,025.00, while S&P 500 futures declined 7.25 points, or 0.09%, to 7,772.50. Nasdaq 100 futures gained 26.50 points, or 0.09%, to 29,861.25 as of around 8:31 p.m. EDT.
In commodities, WTI crude oil rose 0.91% to $78.89 per barrel, while Brent crude gained 1.13% to $84.49 per barrel. Natural gas futures advanced 2.40% to $2.726 per MMBtu.
Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 99.650, up 0.05% as of around 6:16 a.m. IST.
Asian markets traded higher, with South Korea’s KOSPI rising 1.09% to 6,327.07, while Japan’s Nikkei 225 gained 1.44% to 66,548.78.
Read Also: Trump May Open the Hormuz, But He Can’t Prevent Next Oil Shock
Iran Sets Conditions for Strait of Hormuz Reopening
Earlier in the day, Iranian Foreign Minister Abbas Araghchi said a deal with Oman over the Strait of Hormuz was in its "final stages." However, he stressed that Tehran would not reopen the key waterway until the U.S. meets its demands, Reuters reported.
Iran has called for compensation for damage from U.S. attacks, an end to sanctions and military threats and the removal of a U.S. naval blockade.
Iranian security official Mohammad Baqer Zolqadr also called for an end to further U.S. aggression and the release of frozen Iranian assets.
Araqchi said Iran and the U.S. are not holding direct talks, with Tehran refusing negotiations until Washington honors the June interim deal. Messages are being exchanged through intermediaries, he said.
Trump Says US Is ‘Semi-Negotiating’ With Iran
President Donald Trump told Axios that the U.S. is "only semi-negotiating" with Iran.
"We are just watching Iran with its huge inflation and the fact they have no money," Trump said, adding that Iran is in "very bad shape" economically.
A U.S. official told Reuters that Washington would lift its blockade of Iranian ports once commercial shipping can resume safely through the strait.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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