Trump rejects Iran peace offer as conflict deepens
US President Donald Trump called Tehran's counter-proposal to end the war 'totally unacceptable.' Iranian state television said the plan amounted to surrender. Brent crude surged above $105 a barrel on the news.
Trump told reporters at the White House on Monday that he had rejected Iran's response to the US peace framework. Tehran said the proposal was 'unilateral,' tying any halt to its nuclear programme to a reduction of US naval presence in the Strait of Hormuz.
Iranian state television reported that the plan 'effectively means surrender,' while Vice President Mohammad Reza Aref said the country would 'never bow.' The US Navy is continuing 'Project Freedom' operations in the strait, where attacks on commercial shipping have risen over the past week, according to maritime monitors.
Markets reacted sharply to the breakdown. Brent crude pushed above $105 a barrel while S&P 500 futures fell about 0.8 percent. Goldman Sachs warned the benchmark could reach $120 if hostilities extend. Indian Prime Minister Narendra Modi urged citizens to cut fuel use and gold purchases to ease pressure on the rupee.
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