Oil Prices Fall 1.8% After Iran Proposal

Brent July futures fell 1.8% to $108.39 a barrel, while WTI June slipped 2.8% to $102.14 a barrel.
Iran’s state news agency said Tehran gave a new peace proposal to Pakistani mediators, dropping the demand to lift the U.S. blockade.
President Donald Trump expressed dissatisfaction with the proposal, saying the U.S. will maintain its naval blockade and economic pressure on Tehran.
Analysts note narrowing gap between paper and physical markets as Strait of Hormuz closure could extend production shut‑ins, pressuring oil supply.