Oil prices erased earlier gains amid reports that Iran might reopen the Strait of Hormuz if the United States lifts its blockade on Iranian ports.

Brent crude drifted toward $99 per barrel, extending its decline to nearly 8% over the past four trading sessions.

Japan's Kyodo News reported that Iran has proposed reopening the Strait of Hormuz within seven days, contingent on the removal of the US blockade. The report indicated that Tehran is seeking to break the prolonged deadlock in the conflict, with the proposal intended to serve as a basis for discussions with mediating nations during the UN General Assembly.

US President Donald Trump is scheduled to address the UN General Assembly in New York later Tuesday and may hold a meeting with Iranian President Masoud Pezeshkian on the sidelines of the event.

Al Jazeera also quoted Iran's Revolutionary Guard as saying that if national interests require it, Tehran could end the war through negotiations.