Trump Rejects Iran Ceasefire, Oil and Bitcoin React
US officials have revealed that President Donald Trump has rejected Iran's offer of a seven-day ceasefire. This decision is expected to lead to resumed bombing in Iran after the November midterm elections, which are scheduled for November 3.
The ceasefire plan, proposed by Iranian Foreign Minister Abbas Araghchi, would have seen fighting stop on all fronts, including Lebanon, and allowed for the lifting of the US naval blockade of Iranian ports. In return, Iran would have reopened the Strait of Hormuz, a critical sea lane for Gulf oil and gas exports.
Trump's decision to reject the ceasefire plan has sparked concerns about the potential impact on oil prices. The last time US strikes resumed in July, Brent crude jumped more than 3% to $76.48 a barrel. With Brent currently trading at around $104.32 per barrel, a significant increase is possible.
Bitcoin, which trades 24/7, has already reacted to the news, falling from above $87,000 on Wednesday to around $83,250 on Thursday and hovering just above that level since.