Iran is denying that a deal is close and oil is bouncing right back. The IRGC says two tankers were set ablaze by mines, and Rubio says Hormuz flows are nearly equal to before the war. Headline-driven

What happened: Iran rejected reports that a US deal is close, after Qatar and Pakistan presented a "compromise proposal" to end the war. The IRGC said it set two oil tankers ablaze with mines in the Strait of Hormuz. Key numbers: Brent traded just below US$110 a barrel, near a five-month high; WTI was close to US$99. UKMTO reported an incident 121 nautical miles east of Oman. Why it matters: Oil rebounded on the Iranian rejection headlines after falling on the deal reports. Iran said the US response to its proposal was incomplete and insufficient.

Iran rejected reports that a US deal is close, after Qatar and Pakistan presented a "compromise proposal" to end the war. The IRGC said it set two oil tankers ablaze with mines in the Strait of Hormuz.

Oil rebounded on the Iranian rejection headlines after falling on the deal reports. Iran said the US response to its proposal was incomplete and insufficient.