Oil Prices Surge As Iran Rejects US Truce Plan

(RTTNews) - Oil prices climbed more than 3 percent on Thursday, clawing back losses from the previous session on concerns that a prolonged conflict in the Middle East will further disrupt supplies.

Benchmark Brent crude futures jumped 3.3 percent to $100.49 a barrel while WTI crude futures were up nearly 4 percent at $93.76.

Uncertainty lingered on the status of Middle East peace talks as Iran dismissed an American plan to pause the war, insisting that it will only occur on Tehran's own terms and timeline.

Foreign Minister Abbas Araghchi said the country is not currently negotiating with the U.S. and that the Strait of Hormuz is effectively closed to enemies.

Araghchi also clarified that ships belonging to several friendly nations, including India, Pakistan, Iraq, China and Russia were allowed to pass through the key waterway in the Gulf.

According to media reports, Iran laid down its own conditions for any ceasefire after rejecting the U.S. proposal as "excessive."

The five conditions outlined by Tehran include the cessation of U.S. and Israeli military actions against Iran, guarantees against future aggression, reparations for war-related damages, an end to hostilities on all fronts—including conflicts involving Iran-aligned groups in the region—and recognition of Iranian sovereignty over the Strait of Hormuz, a vital international shipping route.

Meanwhile, Iran's top security leadership has signaled readiness for ground confrontation after reports suggested the U.S. has ordered thousands of troops to the region despite growing opposition among Republicans, as well as Democrats, about the dangers involved.