Iran says Hormuz stays shut until its seven conditions are met, keeping fuel costs in focus
Iran's parliament speaker Mohammad Bagher Ghalibaf said on 4 October that the Strait of Hormuz will stay closed until all seven conditions are met (The Star Malaysia, Gulf News, Khaleej Times, Qatar Tribune, Oman Observer). Reuters via Khaleej Times links the conditions to a June interim agreement; Gulf News calls it a 14-point memorandum it says has collapsed. Reported demands include lifting the naval blockade, unfreezing assets and halting military pressure. Iran says it passed its list to the US through Qatar. WTI closed Friday at US$91.11.
About a fifth of the world's oil moves through the strait. A prolonged closure keeps crude expensive for importers.
Kenya imports refined fuel, so higher crude prices can reach the pump at EPRA's monthly review, normally on the 14th, and then food and transport costs.
Iran says closure is leverage to have its conditions met.
Washington says shipping lanes must stay open and disputes that the strait is fully shut.
Watch for a US reply to the list and for crude prices this week. DailyDrop has seen no confirmation of any reopening.
DailyDrop Kenya edition No. 1 · Morning · MON., OCT. 5, 2026