Oil prices stood at $108 on Tuesday as the United States and Iran failed to agree on a deal to end the war in the Middle East.
US President Donald Trump had said on Monday that a ceasefire with Iran was “on life support” after he rejected Tehran’s response to a US peace proposal, fuelling concerns of a resumption of hostilities in the 10-week-old conflict that has killed thousands and disrupted vital energy flows following heightened tensions around the Strait of Hormuz.
According to Reuters, days after the US floated a proposal aimed at reopening negotiations, Iran on Sunday released a response focused on ending the war on all fronts, including Lebanon, where US ally Israel is fighting Iran-backed Hezbollah militants. The response was swiftly rejected by Trump.
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Asked where the ceasefire stands, Trump told reporters on Monday, “I would call it the weakest right now, after reading that piece of garbage they sent us. I didn’t even finish reading it,” he said.
In its response, Iran was said to have also demanded compensation for war damage, emphasised its sovereignty over the Strait of Hormuz, and called on the US to end its naval blockade, guarantee no further attacks, lift sanctions, and remove a ban on Iranian oil sales.
The US had proposed an end to fighting before starting talks on more contentious issues, including Iran’s nuclear programme.
Defending the stance, Iran’s Foreign Ministry spokesperson, Esmaeil Baghaei, said, “Our demand is legitimate: demanding an end to the war, lifting the (US) blockade and piracy, and releasing Iranian assets that have been unjustly frozen in banks due to US pressure; safe passage through the Strait of Hormuz and establishing security in the region and Lebanon were other demands of Iran, which are considered a generous and responsible offer.”
