BREAKING: A source close to Iran’s chief negotiator says Tehran has rejected three U.S. backed ceasefire proposals this week, delivered through Qatar, Iraq, and Pakistan — which reportedly angered Donald Trump and pushed him to announce a massive strike on Iran, according to Iranian outlets.
The source suggests Iran is waiting for U.S. Strategic Petroleum Reserve levels to drop critically low, expected by mid-August, and for oil to hit around $120 a barrel before considering any deal and and eventually, Donald Trump would have to accept Iran’s terms, meaning TACO.
The U.S. Strategic Petroleum Reserve (SPR) has fallen to approximately 311.4 million barrels, its lowest level since March 1983, according to the latest EIA data. Analysts warn that if disruptions hit both the Bab el-Mandeb and the Strait of Hormuz at the same time, oil could climb to around $124 a barrel in August.
BREAKING: A source close to Iran's chief negotiator says Tehran has rejected three U.S. backed ceasefire proposals this week, delivered through Qatar, Iraq, and Pakistan — which reportedly angered Donald Trump and pushed him to announce a massive strike on Iran, according to…
— The Hormuz Report (@HormuzReport) July 25, 2026