Iran Reviews U.S. Peace Proposal Amid Rising Oil Prices

Iran is reviewing the U.S. peace proposal to end the war, following a statement from President Trump indicating he could wait 'a few days' for Tehran's response. As peace talks move forward, Pakistan continues to mediate between the two nations. Oil prices increased by 1.3%, with Brent crude futures at $106.37 per barrel and U.S. West Texas Intermediate at $99.54 per barrel. The outcome of these talks is closely watched by energy market participants due to the strategic importance of the Strait of Hormuz, through which 20% of the world's oil previously passed.