Iran Proposes Opening Strait of Hormuz in 7 Days Once US Eases Blockade, Oil Prices Fall

Iran has proposed reopening the Strait of Hormuz within 7 days if the US takes initial steps to ease its naval blockade and halt related military operations. As a result, oil prices fell to $91 per barrel on Monday, triggering upside momentum in US stocks and Bitcoin.

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Oil Prices Plunge as Iran Offers to Open Strait of Hormuz

The proposal, conveyed via mediators and approved by Iran’s Supreme Leader and National Security Council, aims to revive negotiations amid ongoing US-Iran war. According to a Kyodo News report on September 22, a senior Iranian official confirmed that the regime has offered to reopen the Strait of Hormuz in exchange for easing US military operations.

The US is required to take steps towards lifting the blockade and halting military operations around the Strait of Hormuz. “There is a possibility of moving toward an agreement,” as per a statement.

Meanwhile, Iran plans additional discussions during the United Nations General Assembly in New York. Iran’s President Masoud Pezeshkian is to attend the meeting today, with an address citing that the regime acted in self-defense.

Meanwhile, Foreign Minister Abbas Araghchi has already arrived in New York for the high-level gathering. Trump has said he is in “decision mode” on Iran and has not ruled out meeting the Iranian president for potential diplomatic talks.

Oil prices extended losses for a fifth straight day, with Brent crude oil near $99 a barrel and WTI crude oil around $91. Traders continued to monitor diplomatic efforts to end the conflict with Iran, with President Trump set to address the UN General Assembly today.

🚨🇮🇷🇺🇸 BREAKING: Iran's foreign minister has landed in New York, a day before Trump meets the Gulf leaders

Abbas Araghchi came in by way of Qatar, the same channel Tehran used to send Washington its terms for ending the war: stop the attacks, release the frozen money, lift the… pic.twitter.com/wNn6hsSKYi

— Mario Nawfal (@MarioNawfal) September 21, 2026

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Bitcoin Continues Upside Momentum

BTC price jumped 1% as Iran offers to open the Strait of Hormuz, extending 24-hour gains to 6%. The price remains volatile, with a 24-hour high of $87,329.

Furthermore, trading volume has climbed 90% over the last 24 hours after Trump proposed a $5 billion fund to rebuild Gulf energy infrastructure damaged during the US-Iran war.

Meanwhile, analysts predict further upside towards $90K as inflows into spot Bitcoin ETFs hit highest since October last year. Spot Bitcoin ETFs recorded $998.95 million in net inflows, with BlackRock Bitcoin ETF leading with $381.4 million.

CoinGlass data also showed massive buying in the derivatives market. At the time of writing, the total BTC futures open interest jumped 4% to $61.81 billion in the last 4 hours. BTC futures open interest on CME and Binance climbed more than 8% and 1.50%, respectively. This signals bullish sentiment among derivatives traders.

As global diplomatic developments unfold rapidly, market participants are using political prediction market platforms to hedge macro portfolios against sudden policy shifts.