Oil prices climb over 1% as US rejects Iran peace proposal

US Ambassador Mike Waltz dismissed Iran's proposed ceasefire on the Strait of Hormuz as a "cynical attempt" since Tehran sought sanctions relief and unfrozen assets before any talks on its nuclear program. According to Waltz, Iran asked for numerous concessions upfront, promising to engage in dialogue afterward.

Waltz asserted that the US would need to reach an agreement with Iran eventually, but emphasized that President Trump would retain all "options on the table." He pointed out that Iran's request included access to billions in frozen global funds and the lifting of international sanctions.

Iranian Foreign Minister Seyyed Abbas Araghchi disputed Waltz's account, stating that Iran remains open to diplomacy while warning of a potential renewal of hostilities. He emphasized Iran's readiness for war and its firm stance against any aggression, including a "doomsday war." Despite his reservations, Araghchi also expressed Iran's willingness for diplomacy.

US President Donald Trump rejected Iran's proposal and hinted at the resumption of US bombings against Iran following the November midterm elections, according to US officials. After Trump's statement, tensions in West Asia could escalate further after the US midterm elections.