Iran officially rejected a 15-point U.S. peace proposal on Wednesday. State media reported that officials dismissed terms delivered via Pakistani intermediaries as unrealistic. The government vowed to continue military operations until its own conditions are met. The U.S. plan required a rollback of Iran’s nuclear program and the reopening of the Strait of Hormuz.
Brent crude prices rebounded after initially falling below $100 per barrel. The month-long conflict continues to disrupt global energy markets. The International Energy Agency called the Strait of Hormuz closure the largest-ever disruption to oil supply. The blockage chokes off a significant portion of the world's oil and LNG supplies.