Crude oil prices jumped, with the brent oil prices raising about $100 a barrel, amid uncertainty over the end of US-Iran war. While US has reportedly sent a ceasefire report to Iran, the Islamic Republic said it was reviewing the proposal, but had no intention of holding talks.
Brent crude oil price gained 1.56% to $103.81 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 1.59% to $91.76.
Trump’s 15-point plan, delivered via Pakistan, proposes the elimination of Iran’s stocks of highly enriched uranium, an end to its enrichment activities, restrictions on its ballistic missile program, and a cessation of financial support for regional allies, as reported by three sources in the Israeli cabinet familiar with the proposal.
The ongoing conflict has nearly stopped shipments passing through the Strait of Hormuz, which usually accounts for around one-fifth of the global supply of crude oil and liquefied natural gas. The International Energy Agency has described this situation as the most significant disruption in oil supply history.
Iran’s Foreign Minister Abbas Araghchi confirmed that communications have taken place between the US and Iran through intermediaries, but he noted that Washington’s change in tone reflects an acknowledgment of failure after previously insisting on Tehran’s “unconditional surrender.”
