Iranian foreign minister Araghchi said further deterioration in the Strait of Hormuz or elsewhere in the region would pose major risks to the welfare of all regional countries and to the global economy, adding past experience shows this will continue to be the case.

Iran foreign minister Araqchi said indirect negotiations with the U.S. through mediators including Pakistan and Qatar are ongoing. Iran submitted a seven-day plan that envisaged the Strait of Hormuz being fully reopened on day six; Araqchi said the U.S. told Tehran it accepted those terms but sought to add several clauses and he refused to say whether the additions related to security or economic issues, saying "we will not negotiate through your channel." He said Iran insists the U.S. first honour all commitments in the Islamabad Memorandum of Understanding before talks on other issues proceed and that in a final stage either side could raise any topic for a potential agreement.

US September pending home sales index (MoM) due in 10 minutes.