US considers ceasefire or war with Iran
The US is considering a mediated ceasefire with Iran that would reopen the Strait of Hormuz.
A ceasefire would remove the war premium from crude prices, while a coordinated US-Israeli campaign would push prices toward fresh highs.
The US is exploring a ceasefire proposal presented by regional mediators, while urging Israel to avoid steps that could escalate the conflict.
Oil prices are expected to remain highly sensitive to headline flow from both diplomatic and military tracks until a clear direction is signaled.