Iran Offers Seven-Day Plan to Reopen Hormuz; Decision Rests With US
US markets are closed today and reopen Monday at 9:30 a.m. ET (4:30 p.m. in Istanbul). The weekend's key news came from Tehran. Foreign Minister Abbas Araghchi said Saturday that Iran sent the US a seven-day plan to reopen the Strait of Hormuz via Qatar.
Araghchi said shipping could return to normal within a week if conditions are met, and that the decision now rests with Washington. The White House has not responded to the plan. Trump told a rally in Kentucky that the war would end very quickly.
Conditions on the water have not changed yet. Iran's Revolutionary Guards said two supertankers hit mines Saturday and caught fire; the claim could not be verified. The Guards also repeated that the strait remains closed to ships without Iranian permission.
Egypt is stepping into the other front. Its National Defence Council, chaired by President Sisi, pledged on Sunday all necessary support to Saudi Arabia. Parliament was due to vote on a military mandate Sunday afternoon; no result has been announced.
The Houthis targeted Saudi Arabia again on Sunday morning. The coalition said it shot down two ballistic missiles aimed at Khamis Mushait and three drones over Riyadh and the Eastern Province.
Oil is where the plan will be priced first. Brent rose 3.7% on Friday to settle at $109.86, its highest close since May, and gained 4.9% on the week. WTI settled at $101.41.
On the last trading day (October 16), the Nasdaq 100 fell 2.77%, the , the and the . Losses centered on chips and the debt chain behind AI infrastructure. As of Friday's close, the stood near 5.1% and the rose 21% to 19.99; the dollar index could not be confirmed.
