Brent slips to about $103 after Iran's seven-day Hormuz offer

Brent crude traded at about $103 a barrel at midday Friday, down about 2.5% from Thursday, after Iran's foreign minister said Tehran had submitted an offer that could reopen the Strait of Hormuz to tankers within seven days if an agreement is reached.

Why this matters. Prices remain far above pre-war levels and swing on each headline from New York, showing markets treat a Hormuz reopening as possible but not assured.