Iran says Strait of Hormuz stays shut until US meets its conditions
Qalibaf said Hormuz stays closed until seven conditions are met, tied to a June interim understanding and the Islamabad memorandum (Arab News, Oman Observer, BusinessDay SA, Star-Advertiser, Monitor, Canberra Times). Foreign Ministry spokesman Esmaeil Baghaei said US proposals were broadly in line with earlier positions on the nuclear issue. Al Jazeera and LBC describe the seven-day plan unveiled at the UN. WTI settled at $91.11 on Friday.
About a fifth of the world's oil passes through Hormuz. Prolonged closure keeps crude prices high and shipping costs up.
Nigerians feel this at the pump and in food prices. High crude helps federal revenue but the refinery prices petrol off global crude.
Iran says its terms are the only way to reopen the strait.
Washington says it will not be rushed.
Prices are driven by headlines. Watch whether Qatar-mediated messages produce any dates.
DailyDrop Nigeria edition No. 1 · Morning · MON., OCT. 5, 2026