Iran answers U.S. peace proposal as Hormuz tensions ripple through energy markets

Iran has delivered its response to the latest U.S. draft to end the war, as diplomacy continues amid Strait of Hormuz tensions that keep energy markets volatile; observers expect oil prices to rise if Hormuz remains restricted and to fall once shipping resumes, with gas prices already elevated and regional developments—tanker movements, sanctions talks, and hardline opposition—keeping the situation fragile.