As crude prices surged over Iran's refusal to soften its conditions for reopening the Strait of Hormuz, Iranian Foreign Minister Abbas Araghchi proposed a 'seven-day plan' to resolve the standoff. Meanwhile, Iranian Parliament Speaker Mohammad Bagher Ghalibaf argued that sustained high oil prices prove global energy markets fear severe supply disruptions, dismissing US claims of market stability as 'gaslighting'.
Araghchi stated that a deal to reopen the Strait of Hormuz is achievable if the US is serious about negotiating. Under Iran's proposed seven-day plan, the America would meet specific conditions within the first five days, leading to the reopening of the Strait on the sixth day and the resumption of final peace talks on Day Seven, reported Clash Report.
Iran's Foreign Minister Abbas Araghchi: If they are serious that they want a deal to reopen the Strait of Hormuz, now there is the possibility. We have offered this seven-day plan. We want them to do certain things which they can do in four, five days, and then on the sixth the Strait will be open, on day seven we resume talks for the final deal.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
— Clash Report (@clashreport) September 27, 2026
ALSO READ: More US Strikes On Iran? Trump Hints 'It's Possible'; Tehran Says Fully Prepared For 'Doomsday' War
Ghalibaf posted on X, "US gaslighting bureau says Iran doesn't control SOH, but the market prices a big premium, $35 over pre-invasion and $50 using dated/actual."
"So either the market's dumb or the US narrative-laundromat is faking it. Free-dollar vending machine in Hormuz for believers. Go grab it," he added.
US gaslighting bureau says Iran doesn't control SOH, but the market prices a big premium, $35 over pre-invasion and $50 using dated/actual. So either the market's dumb or the US narrative-laundromat is faking it. Free-dollar vending machine in Hormuz for believers. Go grab it.
— محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) September 27, 2026
Brent crude climbed above $106 a barrel, while West Texas Intermediate (WTI) moved towards $94 a barrel. The latest gains came after Iran maintained its seven-day proposal for reopening the vital maritime route, while US President Donald Trump rejected Tehran's conditions.
Speaking to reporters in Chicago, President Donald Trump claimed that the US moved a "record amount of oil" through the Strait of Hormuz overnight, exceeding pre-war levels. Trump asserted that global oil prices will drop rapidly "as soon as Iran gives up" and the conflict comes to an end.
The Strait of Hormuz is one of the world's most important energy chokepoints. Before the conflict, the waterway carried roughly one-fifth of global crude oil and liquefied natural gas supplies, making any prolonged disruption a significant concern for energy markets.
ALSO READ: Trump Says He's Very Seriously' Looking At Diesel Export Ban
Brent crude has risen more than 70% this year and is on course for a third consecutive monthly gain as the US-Iran conflict enters its eighth month.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
