Iran's seven-day offer

Iran has reportedly offered to reopen the Strait of Hormuz within seven days if the U.S. eases military pressure and lifts its blockade on Iranian ports, according to Reuters and Japan's Kyodo news agency.

A denial from Tehran

A senior Iranian government official told MS Now, CNBC's Versant Media partner, that Reuters and Kyodo's reports were not true.

Why Hormuz matters

The Strait of Hormuz is a narrow waterway that typically handles around twenty percent of the world's oil and liquefied natural gas supplies. The war has severely disrupted shipping through it.

Oil prices fall on reports

U.S. stock index futures traded mixed on the news. International benchmark Brent crude futures with November expiry traded two point six percent lower at ninety seven dollars and seventy three cents per barrel.

Bessent threatens Iranian airlines

U.S. Treasury Secretary Scott Bessent threatened to shut down all Iranian airlines from as soon as Wednesday. He said the U.S. was pressuring Iran like never before and putting a stop to Iran's enablers around the world.

“How do we do that? That if they land, you cannot provide them with fuel. You cannot provide them with landing services, you cannot sell them tickets, or you will be knocked out of the dollar system.”

Houthis seize Red Sea island

Houthi rebels recently seized Yemen's Perim Island on the Red Sea, tightening their grip on the Bab el-Mandeb Strait. This puts Iran and its proxies on course to exercise control over two critically important oil choke points.

G7 condemns Houthi strikes

The G7 group of nations called for an end to attacks by Iranian-backed Houthi rebels against Yemen and Saudi Arabia on Monday, condemning the unacceptable continued strikes by the group.

U.K. backs Saudi Arabia

The U.K. reportedly said it will support Saudi Arabia against Iranian-backed Houthi rebels, with the Royal Air Force providing air-to-air refueling of Saudi planes. U.K. Prime Minister Andy Burnham said the arrangement will be for a matter of weeks.

Trump refused Saudi airstrike request

The U.K. move comes as Trump refused Riyadh's request for help against the rebels on the weekend, reportedly canceling a planned airstrike. NATO Secretary-General Mark Rutte signaled European nations could also provide support to Saudi Arabia.