Oil Prices Fall After Iran Submits Peace Proposal to US

WASHINGTON, KOMPAS.com - Crude oil prices fell on Friday (1/5/2026) local time after Iran sent its latest peace proposal to mediators in Pakistan. This has once again raised hopes that a resolution to the conflict with the United States (US) may still be possible. US crude oil futures fell more than 3 percent to $101.57 US dollars per barrel at 14:10 local time. Pakistani officials confirmed that the mediators have received the latest proposal from Iran to end the war. Those officials stated that the proposal has been conveyed to the US. US President Donald Trump then said he was not satisfied with Iran’s offer. For context, Trump faces a 60-day deadline under the War Powers Resolution regarding military actions in the Iran war. Under the 1973 law, a president must withdraw troops within 60 days after notifying Congress of the deployment, unless lawmakers approve the military action. Currently, Congress has not done so. This allows the White House to avoid seeking Congress’s approval for the war. A government official said that the absence of direct shots between US and Iranian forces since the first ceasefire was agreed on 7 April means the 60-day countdown no longer applies. “For the purposes of the War Powers Resolution, the hostilities that began on Saturday, 28 February, have ended,” said a government official.