Qatar Delivers Iran Peace Proposal as Oil Remains Above $115

Qatar has delivered a new peace proposal to Iran aimed at ending the war involving the United States, Israel and Iran, as oil stays above $115 and supply risks return to focus.

Qatar is serving as a mediator in the conflict, and the draft adds a new diplomatic effort amid renewed tensions. Its stated purpose is to end the war. The proposal has raised hopes of an agreement, but disagreements could still prevent the parties from reaching one. Tensions are rising again, leaving the outcome uncertain.

Oil has topped $115, putting the risk to supply back in focus alongside the peace effort. That price level keeps energy supply concerns tied to the diplomatic effort aimed at ending the war. U.S. midterm elections are approaching while tensions rise and oil remains above $115. The stated goal is an end to the conflict, though disagreements could stand in the way of a deal.