Iran Rejects Ceasefire, Demands Control Over Strait of Hormuz as Oil Prices Rise

Iran has officially rejected a US-backed ceasefire proposal, significantly intensifying geopolitical tensions in the Middle East. In a bold counteroffer, Tehran is demanding sovereign authority over the Strait of Hormuz, a critical maritime corridor for global energy shipments. This development has triggered a rebound in global oil prices as markets price in potential disruptions to crude supplies. Investors are closely monitoring the situation, as any threat to the Strait could severely impact the Brent Oil and WTI Oil benchmarks. Additionally, market participants are looking ahead to an upcoming summit between Donald Trump and Xi Jinping for further geopolitical cues. The escalation has also bolstered safe-haven assets like XAU/USD amid rising uncertainty across global financial markets.

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