Oil Prices Drop About 2% as Iran Reviews US Proposal to End the War
Oil prices slipped about 2% on Wednesday after paring steeper losses earlier in the session, as markets reacted to signs that Iran is reviewing a U.S. proposal aimed at ending the Gulf war that has disrupted global energy flows.
Brent futures fell $2.27, or 2.2%, to settle at $102.22 a barrel, while WTI crude futures declined $2.03, or 2.2%, to settle at $90.32. Earlier in the session, Brent had been down as much as 7%, underscoring how headline-driven and volatile the market remains.
A senior Iranian official told Reuters that Tehran is still reviewing the U.S. proposal despite an initially negative response, suggesting Iran has not yet rejected it outright. On the U.S. side, White House press secretary Karoline Leavitt said President Donald Trump would hit Iran harder if Tehran fails to accept that it has been “defeated militarily.”
Publicly, Iranian officials continued to dismiss the prospect of negotiations with the Trump administration. However, an apparent delay in delivering a formal response to Pakistan—reported to have delivered a 15-point proposal on Washington’s behalf—was interpreted by markets as a sign that at least some voices in Tehran may still be considering the offer.
Analysts at energy advisory firm Ritterbusch and Associates said the oil market is likely to keep “zigging and zagging” on Iran-war headlines, as the White House tries to emphasize ongoing talks while Iran’s refusal to acknowledge progress limits the scope for sustained downside follow-through.
Source : Newsmaker.id
