According to CNBC, Iran has been negotiating with the United States through a Qatari mediator in New York and has outlined conditions for ending the seven-month war on all fronts. Tehran is seeking a halt to what it calls U.S. acts of aggression, an end to the naval blockade and economic warfare, and the release of Iranian assets, according to Iranian foreign ministry spokesman Esmaeil Baghaei. A senior Iranian official said the Strait of Hormuz could reopen within a week if the U.S. eases military pressure and lifts its blockade of Iranian ports.

President Donald Trump said in his address to the United Nations General Assembly on Tuesday that he faced a choice between a deal and more aggressive military action, and later told reporters that U.S. officials held a "very good" three-hour meeting with Iranian envoys on the sidelines. He also said he expected an agreement after November's midterm elections. Shipping through Hormuz remains far below normal, with confirmed transits averaging 6.98 million barrels a day in the seven days to Sept. 20, or about 38% of the 18.3 million barrel pre-war baseline, according to Kpler. Iran's crude loadings fell to zero so far in September from 893,000 barrels a day in July, while Brent crude fell 0.9% to $98.37 a barrel and West Texas Intermediate dropped 1.5% to $89.16 per barrel.