There is a more direct oil read here than a first glance suggests. Hamas is one of Iran's regional proxies, and a genuine collapse of the Gaza ceasefire would give Tehran a pretext to harden its posture across every front simultaneously, Hormuz included, at a moment when the IRGC has already declared the strait a theatre of war. Netanyahu's public rejection of Trump's plan, combined with Israel's continued restraint on the ground and Washington's relaxed reaction, points instead to a managed standoff rather than a real rupture, which is mildly supportive of keeping the Middle East risk premium in oil contained for now. The key variable to watch is whether Israel's troop pullback toward the Yellow Line and Hamas's disarmament actually proceed. Any stall or reversal there would be read as a second front opening alongside Hormuz, arguing for a firmer floor under prices, while continued progress would reinforce the case for the risk premium to keep easing.---Earlier:Reports that Iran missiles have hit a tanker off Oman in HormuzIran vows Hormuz stays shut until US meets demandsTrump: "we are low keying it"---Netanyahu is publicly rejecting Trump's Gaza plan while privately doing what Washington asked, and the US seems fine with the theatre as long as the restraint holds.Summary:Netanyahu told his cabinet he rejects Trump's 15-point Gaza plan and will not withdraw troops until Hamas is fully disarmedIsrael has scaled back attacks in Gaza since Monday, moving to only act against immediate threats rather than continued targeted strikesHamas says it remains committed to the roadmap agreed in Cairo and wants mediators to press Netanyahu not to obstruct itA senior US official told Axios the White House is not troubled by Netanyahu's rejection, viewing it as Israeli election politicsNetanyahu had privately told Trump envoy Jared Kushner he would give the plan a chance and curb attacks, and Israeli forces are pulling back toward the Yellow LineHamas's backing from Iran ties this directly to the wider US-Iran standoff already centred on the Strait of HormuzIsraeli Prime Minister Benjamin Netanyahu restated his rejection of President Trump's latest Gaza plan in televised remarks to his cabinet on Sunday, even as Israel's military has largely halted attacks in the territory under US pressure. Netanyahu said Israel would not withdraw troops until Hamas is fully disarmed, covering heavy and light weaponry alike, and is under domestic pressure ahead of an October 27 election, caught between far right ministers opposed to concessions and Trump, who is pushing his 15 point roadmap to end the war.Israel scaled back attacks in Gaza from Monday after Trump's Gaza envoy Nikolay Mladenov met with Netanyahu, with a source familiar with Israel's position saying the military would now only act against immediate threats rather than continue near daily targeted strikes. Hamas official Basem Naim told Reuters the group remains committed to the roadmap agreed in Cairo, and called on mediators and Washington to press Netanyahu not to obstruct the process for domestic political reasons. Far right Finance Minister Bezalel Smotrich backed Netanyahu's line, saying Israeli forces cannot withdraw from Gaza while Hamas remains armed.A senior US official told Axios the White House is not troubled by Netanyahu's public rejection of the plan, characterising it as part of Israel's election season, and said Washington has no issue with the rhetoric as long as Netanyahu keeps restraining attacks on Gaza as agreed. The official said Netanyahu had promised Trump envoy Jared Kushner he would give the plan a chance despite his scepticism, and that Israeli forces have since been gradually pulling back toward the so called Yellow Line while the US and mediators press Hamas to begin disarming.The episode carries added weight for the broader US-Iran standoff given Hamas's backing from Tehran, meaning any breakdown in the Gaza ceasefire process could feed directly into the wider regional conflict already centred on the Strait of Hormuz. Washington's relatively relaxed posture toward Netanyahu's comments suggests it currently sees this as manageable friction rather than a serious threat to the broader de-escalation effort. This article was written by Eamonn Sheridan at investinglive.com.