Iran's parliament speaker Mohammad Bagher Ghalibaf said Sunday that Tehran will not fully reopen the Strait of Hormuz until Washington meets seven conditions. That is the kind of sentence that makes oil traders reach for another cup of coffee, because the Strait is not a minor piece of plumbing. It handled roughly a fifth of global oil and liquefied natural gas flows before the conflict.

US Stock Futures Rise As Nasdaq Leads, Oil Prices Edge Lower

Dow futures rose 23 points, or 0.04%, to 51,500.00, while S&P 500 futures gained 10 points, or 0.13%, to 7,787.25. Nasdaq 100 futures rose 108.75 points, or 0.35%, to 31,170.50 as of around 8:46 p.m. EDT.

In commodities, WTI crude oil fell 0.40% to $90.75 per barrel, while Brent crude declined 0.04% to $102.21 per barrel. Natural gas futures fell 0.10% to $3.032 per MMBtu.

Meanwhile, the U.S. dollar index, which tracks the greenback against a basket of currencies, stood at 101.966, up 0.04% at the time of writing.

Asian markets traded mixed, with South Korea's KOSPI at 7,003.74 up 0.46%, while Japan's Nikkei 225 rose to 69,941.90 after gaining 2.39%.

Iran Sets Conditions for Strait of Hormuz Reopening

Ghalibaf said the U.S. has delivered proposals through a mediator after Iran presented a seven-day roadmap at the UN General Assembly to restore normal maritime traffic through the strategic waterway, Al Jazeera reported.

However, he said Tehran's position remains firm and that Washington must meet the conditions outlined in a June memorandum of understanding.

"The era of wasting time and dictating unilateral demands is over," Ghalibaf said, according to state media.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei said Washington's proposals largely reflected its previous positions, particularly regarding Iran's nuclear program.

He said Tehran's immediate priority is the Strait of Hormuz and that restoring security in the waterway requires "clear steps" from the U.S., Reuters reported.

Baghaei also denied reports that Iran had offered nuclear inspections in exchange for sanctions relief.

US-Iran Talks Keep Oil Markets On Edge

Qatar has been mediating between Washington and Tehran as both sides seek to resolve the dispute and restore shipping through the waterway, which handled roughly a fifth of global oil and liquefied natural gas flows before the conflict.

President Donald Trump rejected Iran's proposal last month, saying a return to the June memorandum was not possible.

Iranian Foreign Minister Abbas Araghchi has said Tehran prefers diplomacy but is prepared to respond if Washington resumes military action.

"If they again move towards military solutions, we are more prepared than before," Araqchi said on Sunday.

A document circulating among officials outlines a seven-day confidence-building period designed to bring the U.S. and Iran back to an expanded version of the June memorandum of understanding, Reuters noted.

This includes specific measures related to Tehran's nuclear program, the publication added, citing an official briefed on the negotiations.

Oil Flows Recover Despite Hormuz Uncertainty

Meanwhile, market commentator The Kobeissi Letter said Persian Gulf crude exports have surpassed 14 million barrels per day, recovering sharply from a March low of about 4.5 million barrels per day.

Still, refined fuel shipments remain around half their pre-war levels, keeping pressure on gasoline, diesel and jet fuel markets.

The commentator said the development comes as the U.S. military has stepped up efforts to secure the Strait of Hormuz and established a two-way shipping corridor along Oman's coast, allowing oil convoys to resume passage through the waterway.

"Oil flows are coming back, but the fuel market is still under intense pressure," the commentator wrote.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by MarketDash editors.