world ⛽ Iran rejects ceasefire, Hormuz standoff fuels oil hike ⛽
Iran is rejecting a fresh temporary ceasefire with the US, demanding a permanent end to the conflict instead. This tension involves the Strait of Hormuz, where Iran’s lead negotiator insists the strait remains closed. The initial 60-day MoU, signed June 17, ended without extension on August 17. Tehran believes the deal meant 'end of war,' while the US maintains its blockade. This standoff is causing global oil prices to rise, with Brent crude at $91.02 on August 19.