Oil Surges to $108 as Iran Rejects US Peace Plan as 'One-Sided and Unfair'
Crude oil prices climbed sharply on Thursday, with Brent crude hitting $108 per barrel, after Iran dismissed a U.S.-proposed 15-point plan to end the ongoing war in the Middle East as "one-sided, unfair, and skewed" in favor of American and Israeli interests. The surge marks a reversal from earlier in the week, when prices had dipped on hopes of de-escalation following reports of indirect U.S.-Iran communications. However, Tehran's firm rejection renewed concerns over prolonged disruptions to global energy supplies, particularly through the Strait of Hormuz, which Iran has effectively blocked or threatened to toll as part of its wartime strategy. A senior Iranian official told Reuters that the U.S. proposal—conveyed via Pakistan—lacks the "minimum requirements for success" and primarily serves Washington and Tel Aviv. The plan reportedly demands that Iran dismantle its nuclear program, curb its missile capabilities, abandon support for regional proxies, and re...