Iran Rejects an Iraqi-Mediated Temporary Ceasefire; the Question of Hormuz Control Remains Unresolved

According to international media including CNN and The New York Times, Iran rejected a temporary ceasefire proposal presented by Iraqi Prime Minister Ali al-Zaidi during a visit to Tehran, with Iranian officials saying it did not answer the central question of who would control the Strait of Hormuz. Al-Zaidi met President Masoud Pezeshkian and Foreign Minister Abbas Araghchi in Tehran. Araghchi had earlier said Tehran was not interested in further US mediation.

The development came amid nearly two weeks of reciprocal Iran-US strikes and points to a continued war-risk premium in the oil market; Brent this week topped $100 a barrel for the first time in two months. Mediators had earlier proposed a 10-day ceasefire to revive last month's interim deal.