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(RTTNews) - Oil prices retreated from recent highs on Friday following reports that Iran has submitted a proposal to the United States to end their war and reopen the Strait of Hormuz within seven days.
The proposal was delivered to U.S. officials when the sides met through mediators this week, the Washington Post quoted Iranian Foreign Minister Abbas Araghchi as saying on the sidelines of the UN General Assembly session in New York.
Brent crude futures were down 1.4 percent at $105.13 a barrel after a two-day rally. WTI crude futures fell 1.82 percent to $92.89 a barrel.
The latest plan calls for a cessation of all hostilities in the Middle East for seven days, including in Lebanon, according to the New York Times.
Oil prices ended Thursday's session about 3 percent higher at a one-week high after a spate of Houthi attacks on Saudi targets revived supply fears.
The session was volatile, with crude prices ending off their day's highs, after media reports suggested that Washington and Tehran are exploring a phased arrangement aimed at ending the nearly seven-month conflict.
It was said that U.S. and Iranian negotiators are exploring a phased deal that would see Tehran reopening the Strait of Hormuz and Washington lifting its economic blockade of Iranian ports.