What happened yesterday
In the US-Iran war, Tehran has submitted a new response to the latest US proposal via Pakistan, though mediators warn the ceasefire is "on life support". Brent Crude slipped around 2% to USD109.8/bbl in early Asian trading after President Trump said he had paused a planned large‑scale strike on Iran to allow time for negotiations aimed at ending the war in the Middle East. Yet Trump insists the US remains ready to act if talks fail. At the same time, Washington extended a sanctions waiver on Russian seaborne crude, helping stabilise physical supply, while record US reserve draws have pushed inventor