On September 8, 2026, a large number of commercial ships belonging to Iran and other countries remain anchored in the Strait of Hormuz in Bandar Abbas, Iran.
Fatemeh Bahrami | Anadolu | Getty Images
Oil fell on Friday after reports that U.S. and Iranian negotiators in New York were discussing a phased deal to end the standoff in the Persian Gulf.
International benchmark futures brent crude oil Prices for November delivery fell 1.61% to $104.88 a barrel as of 10:14 a.m. ET. us West Texas Intermediate Futures In November, the price fell 2.03% to $92.69 per barrel.
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According to Reuters, a senior Iranian official said the most realistic path forward is for Iran to allow navigation through the Strait of Hormuz in exchange for lifting the U.S. naval blockade.
The United States and Iran agreed to this approach under a June 17 memorandum of understanding, but the agreement quickly fell apart and new fighting broke out. It is unclear what will be different from the current negotiations.
Al Jazeera reports that Iran now wants the US to return to the Memorandum of Understanding before the midterm elections, which Iranian President Masoud Pezeshkian told the press on the sidelines of the United Nations General Assembly.
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“It is understood that both sides are communicating through a mediator,” said David Morrison, senior market analyst at Trade Nation. Prime Minister Scott Morrison said investors remained concerned about persistent inflation, soaring energy prices and belligerent rhetoric from the United States and Iran at the United Nations General Assembly in New York.
