Axios is reporting:
- US rejects the most recent proposal from Iran
- White House considers it not to be a meaningful improvement
- Iran not making meaningful concessions on its nuclear program.
- Calls the improvements only “Token improvements” on the last version.
US senior official says that ” We are not making a lot of progress. We are at a very serious place today. The pressure is on them to be responsive in the right way”
The squeeze continues.
Crude oil is trading sharply higher, with the July contract up $1.76, or 1.74%, at $102.84. The session has been volatile, with prices trading as low as $98.60 before surging to an intraday high of $104.37 as geopolitical tensions and supply concerns continue to support the market.
Meanwhile, US Treasury yields are also edging higher, although the gains remain modest. The 10-year yield is currently up 0.6 basis points at 4.601%, holding near the highest levels going back to May 2025 as traders continue to balance inflation concerns against slowing growth expectations.
In the foreign exchange market, the US dollar is ticking modestly higher in trading today, but it still remains mostly lower versus the major currency pairs overall. Leading the gains against the greenback is the GBPUSD, which is up 0.51%, while the NZDUSD is also showing solid strength with a rise of 0.36%.
