Oil Drops 3% as Iran Offers Hormuz Reopening in Exchange for US Concessions

Iran signals readiness to reopen the Strait of Hormuz within seven days if the US eases pressure, including lifting its naval blockade and halting military operations in the strait. Oil prices fell 3% on hopes of a diplomatic breakthrough, though the offer is conditional and unverified. The development marks a potential de-escalation of a key chokepoint, but uncertainty over US response and implementation remains high.