#OilPricesDrop

Futures contracts for West Texas Intermediate crude rose above $92 a barrel on Thursday, recovering part of the losses from the previous session amid conflicting statements from the United States and Iran regarding efforts to end the conflict that has shaken global energy markets. Iran announced that it does not intend to enter into negotiations with the United States and that it will reject any ceasefire, instead affirming its own conditions, including sovereignty over the Strait of Hormuz. Meanwhile, the White House confirmed ongoing peace efforts, with reports indicating that Washington sent a 15-point proposal to Iran via Pakistan aimed at resolving the conflict and reopening the vital waterway. The near-complete closure of the Strait of Hormuz has led to severe disruptions in global oil flows, resulting in the loss of millions of barrels from daily supplies. While some vessels continue to transit the strait under Iranian protection, U.S. allies in the Asia-Pacific region, including South Korea, Australia, and the Philippines, are facing an escalating fuel shortage.