India, Sept. 22 -- Oil prices fell on Tuesday after reports that Iran could reopen the Strait of Hormuz within seven days if the US takes initial steps to reduce military pressure. The news eased some fears about a major disruption to oil shipments through the key waterway.

Brent crude futures fell 89 cents, or 0.89%, to $99.45 a barrel at 0932 GMT. The October WTI crude contract, which expires on Tuesday, dropped $1.09, or 1.14%, to $94.69 a barrel. The more actively traded November WTI contract also declined. It was down $1.31, or 1.42%, at $91.06 a barrel, according to Reuters.

The fall in oil prices came after a senior Iranian government official told Kyodo News that Iran had offered to reopen the Strait of Hormuz within seven days ...