Iran-U.S. Dialogue Hopes to Boost Market Sentiment, Oil Prices Plunge Over 7% on Monday as Iran Proposes Reopening Strait of Hormuz. On Monday, oil prices plummeted over 7% amid signs of renewed dialogue between Tehran and Washington ahead of crucial U.S. midterm elections, raising hopes for an end to the Middle East conflict. Iran stated it is engaged in "intensive" communications with Washington and proposed reopening the Strait of Hormuz under strict conditions. This follows an Axios report that U.S. Vice President Vance had written to Iranian National Security Chief Mohsen Rezaee to discuss potential new negotiations.