U.S. President Donald Trump has rejected Iran’s response to a proposed peace plan, describing it as “totally unacceptable,” as tensions in the Middle East continue to push global oil prices higher.
Iran had presented a counterproposal calling for an end to the ongoing conflict, lifting of U.S. sanctions, removal of the naval blockade, compensation for war damages, and recognition of its sovereignty over the Strait of Hormuz.
However, Trump dismissed the proposal shortly after it was made public, signaling a continued deadlock between both sides.
The prolonged conflict has disrupted shipping through the Strait of Hormuz, a vital global energy route that handles about one-fifth of the world’s oil and gas supply. As a result, oil prices rose by more than 3 per cent amid concerns over supply shortages.
Shipping activity in the area remains significantly reduced, with only a few tankers reportedly passing through under high-risk conditions.
The situation has triggered growing concern internationally, as rising energy costs place pressure on economies and governments. In the United States, the crisis is also adding to domestic pressure on the administration, with fuel prices increasing ahead of upcoming elections.
Iran, on its part, defended its proposal as “responsible,” insisting that its demands were necessary to ensure regional security and stability.
Meanwhile, Trump is expected to hold talks with Chinese President Xi Jinping, with the Iran conflict among key issues on the agenda, as diplomatic efforts continue to resolve the crisis.
Despite these engagements, uncertainty persists, with no immediate resolution in sight.
