Trump dismisses Iran's reply to peace plan, oil jumps as Hormuz closure persists [View all]

Source: Reuters

Trump dismisses Iran's reply to peace plan, oil jumps as Hormuz closure persists

By Nayera Abdallah, Elwely Elwelly and Idrees Ali
May 10, 2026 9:33 PM EDT Updated 1 hour ago

Summary
* Trump calls Iranian counterproposal 'TOTALLY UNACCEPTABLE'
* Iran demands end to blockade, compensation, and sovereignty over Strait of Hormuz
* US faces domestic, international pressure as energy prices rise
Trump to visit China this week, leaders to discuss Iran

DUBAI/WASHINGTON, May 11 (Reuters) - President Donald Trump's swift rejection of Iran's response to a U.S. peace proposal sent oil prices ​higher on Monday amid concerns the 10-week-old conflict will drag on, keeping shipping through the Strait of Hormuz paralysed.

Days after the U.S. floated an offer in the hopes of ‌re-opening negotiations, Iran on Sunday released a response focused on ending the war on all fronts, especially Lebanon, where U.S. ally Israel is fighting Iran-backed Hezbollah militants.

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Oil prices rose nearly ​3% on Monday on news of the continued deadlock that leaves the Strait of Hormuz largely closed. Before the war began on February 28, the narrow waterway carried one-fifth of the world's oil and liquefied natural gas flows, and has emerged as one of the central pressure points in the war.

Read more: https://www.reuters.com/world/china/trump-rejects-irans-response-us-peace-proposal-unacceptable-2026-05-11/

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Boy, did I make a lot of money by taking a position in the oil market, just fifteen minutes before Trump released his statement, that this is what he would say.

How about you?