Iran Hardens Hormuz Preconditions, Floats Seven-Day Reopening Plan as Brent Holds Above $105

Iran hardened its negotiating posture at the UN General Assembly on Sep 25. Supreme National Security Council secretary Mohsen Rezaei said Tehran had delivered seven conditions to Washington via Qatari and Pakistani mediators, declaring 'until our conditions are met, the Strait of Hormuz will not be opened and we will not negotiate.' Foreign Minister Abbas Araghchi outlined a seven-day roadmap under which Iran would halt hostilities across regional fronts and reopen Hormuz on the final day, in exchange for the US lifting its naval blockade, releasing roughly $12 billion in frozen Iranian assets, waiving sanctions on Iranian oil sales, and observing a ceasefire that includes Lebanon -- terms that track the collapsed June 17 Islamabad MOU. President Masoud Pezeshkian said 'it's America that must choose whether it wants to end this or not,' while a White House official described the New York contacts as 'positive and constructive' but cautioned against rushing an agreement. Analyst Cyrus Schayegh said 'basically nothing has really changed,' with Iran seeking to preserve wartime gains while Washington rejects the framework. Brent crude, which spiked to $108.23 intraday Thursday on the Houthi attacks before settling at $106.60, eased slightly to $105.77 in early Asian trade Friday -- still up more than 7% from Tuesday's sub-$100 level.