Oil Tops $100 as Hormuz Shipping Remains Disrupted

Iran says it is awaiting a U.S. response, relayed through Qatari intermediaries, to its proposal linking a seven-day regional ceasefire and reopening the Strait of Hormuz with release of frozen Iranian assets, sanctions relief for its oil sector and an end to the U.S. blockade of Iranian ports. President Donald Trump has rejected the proposal but said indirect contacts will continue; Washington has said an agreement must also address Iran’s nuclear program. Shipping through the strait, which handled about a fifth of global oil and liquefied natural gas shipments before the war, remains severely disrupted, and a vessel recently caught fire after being struck by an unidentified projectile. Iran’s IRGC spokesperson disputed Trump’s claims of U.S. control, saying limited oil shipments do not mean the strait is open. Oil prices rose above $100 a barrel amid supply concerns, while the standoff weighed on U.S. and Asian equities, pushed Treasury yields higher and heightened inflation and interest-rate concerns.