Iran 'fully prepared' for war as US rejects peace deal; oil prices climb

Tensions between Iran and the United States have intensified following the reported rejection by US President Donald Trump of a peace deal aimed at resolving their ongoing conflict. Iran had offered a proposal to reopen the strategically important Strait of Hormuz and potentially restart nuclear negotiations if the US met specific conditions, including an end to sanctions and a naval blockade. However, President Trump publicly dismissed the offer, signaling a continued standoff.

In response to the US rejection, Iran has declared its readiness for conflict, with its Foreign Minister stating the country is prepared for a "doomsday war" if hostilities resume. This escalation comes amidst reports that President Trump may be considering a resumption of US strikes against Iran after the upcoming November midterm elections.

The heightened geopolitical instability immediately impacted global oil markets. Brent crude and US West Texas Intermediate (WTI) crude prices both rebounded and rose by more than one percent, with Brent futures climbing above $106 per barrel. This surge reflects market concerns over the prolonged conflict and its potential to disrupt vital oil shipments through the Middle East.