Oil falls 1% after reports suggest Iran could reopen Hormuz within seven days

Oil prices fell by 1% on Tuesday after reports suggested Iran could reopen the Strait of Hormuz within seven days, easing concerns over disruptions to a key global oil shipping route. The Brent crude futures November contract dropped 89 cents, or 0.89%, to $99.45 a barrel, while the WTI October contract declined $1.09, or 1.14%, to $94.69 a barrel.

Iran has offered to reopen the Strait of Hormuz within seven days if the US takes initial steps toward easing military pressure, as part of Tehran's efforts to revive negotiations with Washington.

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