Iran rejects US ceasefire proposal as benchmark oil prices head for 14 per cent weekly gain

Iran rejects US ceasefire proposal as benchmark oil prices head for 14 per cent weekly gain

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The conflict has forced Asian buyers to consider rerouting Saudi crude shipments through the Suez Canal and around Africa, adding to concerns over longer and more expensive supply.

Benchmark Brent crude oil prices climbed above $100 (Sh12,930) per barrel on Friday and were on track for a nearly 14 per cent weekly gain.
This amidst the escalating tensions in the Middle East, which have heightened fears of deeper disruptions to global oil supplies.
The surge came as the United States launched a 13th consecutive day of strikes on Iran, with Washington and Tehran ruling out near-term talks and tensions spreading across key energy and shipping routes.
President Donald Trump also threatened "major military punishment" against Iran and the Houthis over any further attacks on Red Sea shipping, while saying he was considering a "massive attack" on Iran.
The latest escalation follows attacks by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, a key alternative export route for Saudi Arabia as fighting continues to disrupt traffic through the Strait of Hormuz.
The conflict has forced Asian buyers to consider rerouting Saudi crude shipments through the Suez Canal and around Africa, adding to concerns over longer and more expensive supply.
The Strait of Hormuz remains at the centre of the crisis, with Iran reportedly rejecting a US ceasefire proposal delivered by Iraqi Prime Minister Ali al-Zaidi, according to a report by The New York Times.
The proposal was reportedly delivered during al-Zaidi's visit to Tehran after he had recently met Trump at the White House.
While details of the proposal remained unclear, Iranian officials reportedly described it as the only offer currently on the table.
Tehran reportedly rejected the proposal because it did not resolve the issue of control over the Strait of Hormuz.
Al-Zaidi met Iranian President Masoud Pezeshkian and senior officials during his first official visit to Iran since taking office in May.
Discussions focused on bilateral ties, regional developments and efforts to strengthen security and stability.
Iranian officials said the talks also covered the implementation of previously signed agreements, with both sides calling for wider cooperation in trade, energy, transportation and regional affairs.
The reported rejection of the ceasefire proposal has added to market concerns that the conflict could widen, particularly after Iranian officials reportedly began preparing for a broader confrontation if Trump follows through on threats to target Tehran and critical infrastructure.

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