Oil prices fell sharply on reports of renewed ceasefire efforts, with Brent sinking as much as 7% toward $97/bbl before paring losses, while WTI traded near $89/bbl. Markets reacted to reports that the US has drafted a 15‑point proposal aimed at ending the conflict, reportedly delivered to Iran via Pakistan, although details remain unclear. Despite the initial market relief, uncertainty remains high. Tehran fired a fresh wave of missiles at Israel and signalled little willingness to compromise, while Iran also reiterated that foreign ships can transit the Strait of Hormuz only if they comply with Tehran’s ... (full story)