IRAN REJECTS U.S. NUCLEAR PROPOSALS

A senior Iranian official told Reuters that U.S. proposals for Tehran's nuclear program are "at odds with Iran's demands" and that there have been no negotiations so far. Washington must first meet Tehran's conditions, the official said. Recognition of Iran's right to enrich uranium is a red line, though the details could be negotiated later. Keep an eye on $USO: the oil market is still pricing risk around the Strait of Hormuz.