U.S. crude oil posted a sharp loss for the week as Tehran and Washington held discussions on the sidelines of the U.N. General Assembly in New York City.

West Texas Intermediate dropped 2.3% to close at $92.41 per barrel. Brent, the international benchmark, declined 2.1% to settle at $104.32. U.S. crude finished the week 7.9% lower while Brent was flat.

Tehran has offered to open the Strait of Hormuz in seven days if the U.S. meets the conditions in the interim peace deal reached in June, Iranian Foreign minister Abbas Araghchi told reporters Thursday at the U.N.

But the June memorandum of understanding quickly collapsed as fighting broke out over transit rights through Hormuz. It is unclear how Iran’s current proposal would prevent hostilities from erupting again.

Iran will restart talks to reach a final deal if the U.S. implements the MOU conditions, Araghchi said. Tehran is waiting for a response from the U.S., the foreign minister told reporters.

“I think it would be much better if it is done before the midterm election, but it depends on the U.S. administration to decide,” Araghchi told reporters. “We are not in a hurry.”

Reports indicate that Chinese authorities have obtained F-35 stealth fighter components after parts of the jet were mysteriously rerouted to Hong Kong.

In late May, UPS was transporting a cockpit canopy and a weapons bay door from Australia to the United States when the shipment was diverted, according to Bloomberg, which cited sources.

The sources noted that both components were coated with radar-absorbent material to improve stealth, and they could not explain why the shipment ended up in Hong Kong.

On Tuesday, Australian Defence Minister Richard Marles informed reporters that Australia knew about the shipment and was collaborating with the United States and Lockheed Martin to determine how Canberra could help with the investigation.

Marles added that, to his knowledge, the missing shipment did not contain any sensitive components, as reported by CNN.

Lockheed Martin, UPS, and the Pentagon did not immediately reply to requests for comment from Verum.

The F-35, a fifth‑generation stealth jet produced by Lockheed Martin, is sold by the United States only to its closest allies and partners.

Turkey, for instance, was barred from the F‑35 programme in 2019 after acquiring Russia’s S‑400 air‑defence system, sparking concerns that the S‑400 could be exploited to gather intelligence on the jet’s capabilities.

U.S. prosecutors said in 2024 that China has previously sought F‑35‑related American military data in espionage cases.

Last week, a $24 billion deal to sell F‑35s to Saudi Arabia was cleared, yet several members of Congress have warned that the technology could end up in China’s possession.

Representative Raja Krishnamoorthi (D‑IL) noted that the U.S. intelligence community cautioned that the sale “might place the crown jewels of American military technology within reach of the Chinese Communist Party.”

The fighter jet is operated by Australia, Belgium and the United States, while Japan, Canada and Singapore have also placed orders for the aircraft.

The United States has also deployed F‑35s in the Iran conflict, during which one jet sustained damage from enemy fire, the Department of Defense reported.

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