Iran's Foreign Minister Abbas Araghchi met US envoys Steve Witkoff and Jared Kushner in New York, where Tehran laid out its conditions for reopening the Strait of Hormuz. Iran demanded an end to the naval blockade, the release of frozen assets, and a stop to fighting on all fronts, while oil prices fell and a prediction market moved on the news.
Iran sets its price for reopening the strait
Iran's Foreign Minister Abbas Araghchi met US Special Envoy Steve Witkoff and envoy Jared Kushner in New York on Tuesday, where Tehran laid out its conditions for reopening the Strait of Hormuz, a crucial route for global crude oil shipments. Iran's state broadcaster said Tehran accepted Witkoff's request to meet specifically because it had already announced its terms for reopening the strait.
Tehran conveyed what it called strict conditions to the US side: an immediate end to the naval blockade, immediate release of frozen Iranian assets, and an end to the war across all "resistance" fronts. It marks the first direct, high-level contact between the two sides confirmed from both ends.
Oil slips as Trump calls the talks promising
West Texas Intermediate crude fell $2.45 to $89.92 as the meeting unfolded.
President Trump said Witkoff and Kushner's meeting with Iranian mediators produced "lots of good thoughts" and that momentum behind the process was building.
Reactions diverge across the region
Israel's Channel 12, citing US sources, reported that the meeting had been planned in advance and centered on conditions for renewing negotiations and reopening Hormuz, with no agreement yet on most of the disputed points. A source cited by Al Arabiya said the meeting had broken the deadlock, though a breakthrough would still require several more steps. Iran's Fars news agency countered that the US had not left a red line in the region and said Tehran remains ready for all scenarios.
Markets price rising odds of a deal
A prediction market tracking a formal US-Iran Hormuz agreement by September 30 pushed the probability of a YES outcome to 9.3%, up from 7% a day earlier and 5% a week earlier. Traders are treating Iran's published conditions as a negotiating opener rather than a refusal, but the gap between the two sides on the core disputes remains wide.
Sources: Investing.com (snippet-based), InvestingLive, Crypto Briefing
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