Brent and US crude futures down over 1% after Kyodo reports that Iran offered to reopen the strait within 7 days

The dollar briefly hits a seven-week high against a basket of currencies before paring gains as oil prices swing. Crude prices turn lower after Japan's Kyodo News said Iran offered to reopen the Strait of Hormuz within seven days if the U.S. takes steps toward easing military pressure. An earlier r…