Iran says Hormuz stays closed until the US meets seven conditions, as oil holds near US$90
Mohammad Bagher Ghalibaf, Iran's parliament speaker and chief negotiator, said on 4 October that the Strait of Hormuz stays closed until the US meets seven conditions (Oman Observer, BusinessDay, Business Today, Monitor). The conditions were not listed in his remarks. Reports link them to the Islamabad memorandum of understanding of June and mention the naval blockade and frozen assets. An earlier Iranian proposal at the UN to reopen within seven days was rejected by President Trump, who left room for indirect talks. WTI closed at US$91.11 on Friday, down 1.90%.
A fifth of the world's oil passes through the strait. While it is shut, crude stays dear, and that feeds straight into Irish pump prices and heating bills.
Irish fuel and heating costs follow oil with a short lag. The excise cut cushions petrol and diesel but not the underlying price.
Iran presents the closure as leverage to have its conditions heard.
Washington says the blockade of Iranian ports and the closure of a shipping lane are separate matters and that the strait should be open.
The oil price is the thing to watch. A reply from Washington to the seven points, or a first ship convoy, would matter more than any statement.
DailyDrop Ireland edition No. 1 · Morning · MON., OCT. 5, 2026