Rahul Somvanshi
Iran’s Foreign Minister Abbas Araghchi presented a seven-day plan to reopen the Strait of Hormuz and restart nuclear negotiations, delivered at the United Nations in New York on September 24-25, 2026. US crude oil fell nearly 8% for the week after Tehran and Washington held talks. Al Jazeera, Reuters, The New York Times, Sky News and the South China Morning Post all confirmed the plan exists. Iran says the strait can reopen within seven days if the US accepts the terms. Araghchi indicated that the next move is now up to the US. The plan includes ceasefire terms and renewed nuclear negotiations. Trump is reportedly in no rush, according to ynetnews — a detail central to this Strait of Hormuz Iran plan story.
If the strait closes even partially, global oil prices spike within hours and drivers feel it at the pump within days. Every hour without a deal adds cents per litre. The seven-day plan is Tehran’s opening gambit, not a guarantee. Drivers should monitor fuel prices and plan errands accordingly, and businesses reliant on freight should revisit their energy policy contingencies now rather than after prices move.
US crude oil fell nearly 8% for the week — the first tangible market signal that the seven-day plan is already shifting risk premiums. Most competitor coverage has stayed fixed on the diplomacy rather than this price impact on ordinary drivers. The figure comes from CNBC’s reporting on the September 25 UN talks.
How high could oil prices go if Hormuz closes? Brent crude could spike $10-15 per barrel within hours. At the pump, diesel could rise 10-15p per litre in the UK and 25-40 cents per gallon in the US within 48 hours. Asian refiners most dependent on Hormuz crude would face the steepest increases.
The seven-day clock is running. Check back for updates on whether Washington accepts Tehran’s plan — the next formal response is expected within days. The strait remains open for now, but every hour without a deal moves the market.
Iran’s GDP shrinks 10.1% under war and sanctions — the economic backdrop to this latest diplomatic push. UN Chief Guterres has demanded fossil fuel phase-out timelines, underscoring the energy policy stakes. See also our oil prices coverage and Iran stories for full context.
