Update:
- Iran's Fars Rejects Hormuz Reopening Reports As Brent Slides <$100 On Diplomatic Hopes
- Brent Tumbles On US Media & Aligned Outlets Pushing Rumored Diplomatic Efforts
Iran's Fars Rejects Reporting
Kyodo and Reuters published positive diplomatic headlines early Tuesday morning that sent Brent crude futures tumbling below $100 a barrel, but Iran's semi-official Fars News Agency denied them.
Kyodo and Reuters, citing Iranian sources, reported that Tehran could reopen the Strait of Hormuz within seven days if Washington eased US naval pressure on the Hormuz chokepoint and lifted its blockade of Iranian ports.
Fars called those two reports "invalid and incorrect."
Despite Fars' rejection of the reporting, US media and aligned outlets focused this morning on rumored diplomatic efforts to resolve the conflict ahead of President Trump's United Nations General Assembly address later today.
Brent crude remains below $100.
Brent Tumbles Below $100 After Report Says Iran Offers To Reopen Hormuz Chokepoint
Brent crude futures tumbled early Tuesday, as much as 3%, and slid below the $ 100-a-barrel level to the low $98 range after reports that Iran offered to reopen the Strait of Hormuz within one week if the Trump administration begins easing naval pressure in the critical waterway and ends its blockade of Iranian ports.
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