Key facts
- Iran proposed reopening the Strait of Hormuz within seven days if the U.S. eases its blockade.
- Oil prices fell to a two-week low.
- Bitcoin surged above $87,000.
- US President Donald Trump confirmed a "very good meeting" with Iranian representatives.
- Saudi Arabia plans to restore flows through its East-West pipeline.
Oil prices fell to a two-week low as prospects for Gulf supplies improved, with Iran signaling it could reopen the Strait of Hormuz within seven days if the U.S. eases its blockade. Bitcoin also surged above $87,000 amid positive sentiment from the potential de-escalation.
US President Donald Trump confirmed that US envoys held a "very good" and "very productive" three-hour meeting with Iranian representatives, including Foreign Minister Abbas Araghchi, on the sidelines of the UN General Assembly. Trump indicated that there was "a lot of momentum" toward a deal and that another round of talks is scheduled.
Iran's President Masoud Pezeshkian is attending the UN General Assembly and is expected to address the situation. Representatives from other countries also discussed ending tensions and reopening the Strait of Hormuz with Araghchi.
The Brent crude futures November contract was down $2.11, or 2.1 percent, to $98.23 a barrel. The WTI October contract lost $2.48, or 2.59 percent, to $93.30 a barrel, while the more actively traded November contract was down $2.36, or 2.55 percent, at $90.01 a barrel. These contracts touched their lowest levels since September 8.
Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from Yanbu port, which were halted after drone attacks on September 13.
Bitcoin rose another 1% to reclaim $87,000, extending its rally to almost 8% in a week. The broader crypto market, including Ethereum, XRP, Solana, and Zcash, also participated in the rebound. Derivatives markets showed rising Bitcoin futures open interest.