"On Sunday, Iran responded to the U.S. ceasefire offer, saying talks must focus on permanently ending the war on all fronts, including in Lebanon. Sources also told the Wall Street Journal that Iran proposed gradually reopening the strait as the U.S. lifts its naval blockade. While nuclear issues would be negotiated during a 30-day window, Tehran rejected demands to dismantle its nuclear facilities and suspend uranium enrichment for 20 years, the report said. Iran also requested the release of its frozen funds abroad."
"Unless the Strait of Hormuz opens soon, global oil stockpiles will soon start hitting critically low levels and trigger a spike in prices. Last week, Trump attempted to break the deadlock by announcing a military effort to guide commercial ships out of the Persian Gulf. A few ships made it through the strait as U.S. destroyers fought off Iranian attacks. But less than two days later, he paused Project Freedom."
"Trump soon blasted Iran's response as "totally unacceptable" without pointing to any specific proposals. He earlier accused Tehran of "playing games" with the U.S. for nearly 50 years, but added, "They will be laughing no longer!" Analysts pointed out that Iran's position has changed little, indicating the leadership believes it has the upper hand and is unwilling to budge."
"Futures tied to the Dow Jones industrial average fell 200 points, or 0.40%. S&P 500 futures were down 0.33%, and Nasdaq futures lost 0.28%. U.S. oil futures rose 2.7% to $97.97 a barrel, while Brent crude climbed 2.7% to $104.01. Gold fell 0.76% to $4,695 per ounce."
Hopes for a peace deal with Iran declined, raising the risk that the global energy crisis will persist and prompting the U.S. to consider military operations to reopen the Strait of Hormuz. Markets reacted with lower stock index futures and higher oil prices, with U.S. oil rising to $97.97 a barrel and Brent to $104.01. Iran responded to a U.S. ceasefire offer by demanding talks focus on permanently ending the war on all fronts, including Lebanon. Iran proposed a gradual reopening of the strait tied to lifting the U.S. naval blockade, while nuclear negotiations would occur during a 30-day window. Iran rejected dismantling nuclear facilities and suspending uranium enrichment for 20 years and requested release of frozen funds. Analysts said Iran’s stance has not meaningfully shifted, and low oil stockpiles could soon drive price spikes if the strait does not open.
Read at Fortune
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