(RTTNews) – Oil prices fluctuated on Tuesday as Iran rejected proposals for a temporary ceasefire and U.S. President Donald Trump expanded his threat against Iran to include all power plants and bridges before his Tuesday-night deadline.
Brent crude futures for June delivery were down half a percent at $109.26 after hitting a high of $111.79 earlier. WTI crude futures for May delivery were marginally higher at $112.46.
Trump described a “significant proposal” received from Iran as “not good enough”, threatening to decimate Iran within four hours if it did not agree to a deal by Tuesday night.
“We have a plan, because of the power of our military, where every bridge in Iran will be decimated by 12 o’clock tomorrow night, where every power plant in Iran will be out of business, burning, exploding, and never to be used again, I mean complete demolition by 12 o’clock, and it’ll happen over a period of four hours, if we wanted to,” Trump told a press conference.
Iran rejected a U.S. proposal for ceasefire and sent back a 10-point proposal that outlines demands, including ending regional conflicts, a protocol governing safe passage through the Strait of Hormuz, the lifting of international sanctions and a commitment to reconstruct war-affected areas.
Iran’s military command ?said the U.S. president was “delusional” and called his warnings “rude, arrogant rhetoric and baseless threats”.
Later today, the UN Security Council will vote on a watered-down resolution calling for the unblocking of the Strait of Hormuz.
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