WTI crude futures eased back toward $95 per barrel on Monday after reaching as high as $96.7 earlier in the session, following reports that Iran had submitted a new proposal to the US aimed at reopening the Strait of Hormuz and de-escalating the conflict. The proposal, reportedly conveyed via Pakistani mediators, called for an extension of the ceasefire to allow negotiations toward a permanent end to hostilities, while delaying nuclear talks until the US blockade of the strait is lifted.

Earlier in the session, oil prices had jumped after US President Donald Trump instructed negotiators to suspend discussions, while Iranian President Masoud Pezeshkian reiterated that Tehran would not engage in “imposed negotiations under threats or blockade.” The Iran conflict has now entered its ninth week, triggering what the IEA has described as the largest energy supply shock on record, while amplifying inflationary pressures and weighing on the global growth outlook.

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