Oil price today: Oil prices inched higher on Thursday, once again swinging past the $100 mark after a sharp drop in the previous session. Brent crude rose by $1.13, or 1.1%, to $103.35 a barrel by 0051 GMT, while US West Texas Intermediate crude gained $1.08, or 1.2%, to $91.40 a barrel. The rebound follows a drop of more than 2% for both benchmarks on Wednesday as markets reassess where the Middle East conflict might head next.The recovery, however, comes with a layer of uncertainty, with Iran sugegsting that it is still weighing a US proposal to end the war while simultaneously making it clear that immediate negotiations are off the table, leaving traders caught between cautious optimism and lingering risk.Iran’s foreign minister had earlier said that Tehran has no plans to engage in negotiations to bring the expanding conflict to a close. The stance came as US President Donald Trump signalled a tougher approach, warning that Washington would ramp up pressure if Iran does not accept that it has been “defeated militarily,” according to White House press secretary Karoline Leavitt.Market attention remains firmly on diplomatic and military developments after Iran described the US outreach as significant. The proposal in question, a reported 15-point plan from Trump, includes conditions such as scrapping Iran’s stockpile of highly enriched uranium, halting enrichment activities, curbing its ballistic missile programme and cutting funding to regional allies, according to three Israeli cabinet sources familiar with the plan.
Early Thursday, Trump took a sharp aim at Tehran, alleging that while Iran wants to negotiate, they are afraid to do so openly, “because they figure they will be killed by their own people. They are also afraid they will be killed by us.” Meanwhile, Iran an Iranian military spokesperson mocked US efforts to broker a ceasefire, raising fresh doubts over Washington’s proposed 15-point peace plan. Lt Col Ebrahim Zolfaghari, speaking on state television on Wednesday, dismissed claims by Donald Trump that talks were under way, suggesting instead that the US was “negotiating with itself.”At the same time, the conflict continues to strain global supply chains. Shipments through the Strait of Hormuz, a vital artery that typically handles about one-fifth of global crude oil and liquefied natural gas, have been severely affected. The International Energy Agency has called the situation as the largest oil supply disruption on record.Tehran has laid down its own terms for ending the conflict. It has said that any resolution must begin with a complete halt to attacks and assassinations. It is also seeking firm guarantees against a repeat of the conflict, along with a defined mechanism to assess and secure compensation for war-related damages. Iran has further insisted that hostilities must cease not only against its territory but also against resistance groups across the region.Additionally, Iran has called for recognition of its sovereignty over the Strait of Hormuz, stating that its defensive operations will continue until these conditions are met.
