Iran has rejected a U.S.-backed ceasefire proposal, reportedly the only offer under consideration, as American forces completed a 13th straight wave of strikes on Iranian targets. Brent crude briefly touched $100 a barrel, and pressure on President Trump appears to be building at home ahead of the midterm elections.
Iran rejected a U.S.-backed ceasefire proposal, reportedly the only offer currently under consideration, refusing a temporary deal that left the question of control over the Strait of Hormuz unresolved. The rejection landed as the U.S. military completed its 13th consecutive wave of strikes on Iranian targets early Friday.
Iraqi Prime Minister Ali al-Zaidi delivered the proposal after visiting the White House and then traveling to Tehran to meet President Masoud Pezeshkian and Foreign Minister Abbas Araghchi. Araghchi said Iran did not need more intermediaries, arguing that Washington's approach, not communication, was the obstacle to negotiations.
Trump weighs a bigger offensive
American forces struck Iranian military assets, including drone storage sites and coastal surveillance posts, to dent Tehran's ability to hit commercial vessels in the Strait of Hormuz. Iranian officials are preparing for the possibility of a broader conflict if Trump follows through on his threats, and could respond by targeting Tel Aviv and asking their Houthi allies in Yemen to disrupt shipping through the Bab al-Mandab Strait.
On Thursday, Trump vowed "major military punishment" against Iran and the Houthis after the Yemeni group said it had attacked two Saudi oil tankers in the Red Sea. The strikes have killed at least 55 people and wounded 645, according to a spokesperson for Iran's Ministry of Health.
Oil jumps toward $100
Faced with the prospect of crude supply disruptions in both the Strait of Hormuz and the Bab el-Mandeb Strait, Brent oil briefly reached $100 a barrel for the first time since May. By 03:13 ET, the global benchmark had edged down 1.8% to $98.90 a barrel, still well above the $70 mark touched after a short-lived U.S.-Iran ceasefire signed in June.
Pressure builds before the midterms
Pressure on Trump appears to be growing at home as Republican lawmakers prepare for midterm elections in which an energy-fueled burst of inflation may weigh on voters. This week, the GOP-controlled House voted a second time to direct Trump to seek Congressional authorization for the war, though Senate Republicans blocked the measure.
According to Axios, Trump is now seriously considering restarting large-scale combat operations in Iran, with attacks bigger than those that opened the conflict in late February.
Sources: Investing.com, Crypto Briefing
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