After briefly trading lower in the early morning, Brent crude futures (BZ), the international benchmark for oil, are moving higher after Iran rejected a ceasefire proposal drafted by mediators.
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Trade QQQ with leverageThe proposal called for a 45-day ceasefire as part of a two-phase deal and was presented by Pakistan, Egypt, and Turkey. Iran issued a 10-point response, with terms including the removal of sanctions, a protocol for safe passage through Hormuz, and a permanent end to the war.
Trump Sets April 7 Deadline for Iran on Hormuz
President Trump has imposed a deadline of April 7 at 8 p.m. Eastern Time for Iran to reopen the Strait of Hormuz or face strikes against its power plants and bridges. He extended the deadline from Monday evening, although Iran has continued to maintain a defiant stance. “If they don’t make a deal, they will have no bridges and no power plants,” Trump said.
Trump labeled Iran’s 10 points as “significant,” but also “not good enough.” An extended closure of Hormuz could continue to prop up oil prices, with the U.S. Energy Information Administration calling for crude oil to remain above $95 per barrel through April. Crude oil has risen 25% over the past month.