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Oil Rallies as Trump Rejects Iran Peace Framework, Strait of Hormuz Remains Blocked

Crude prices climbed after President Donald Trump dismissed Iran's latest proposal to resolve the Middle East conflict, keeping the Strait of Hormuz effectively closed to shipping traffic. The rejection signals continued deadlock between Washington and Tehran over ceasefire terms. Both sides remain unable to agree on a framework to end hostilities. Trump characterized the fragile truce as being on life support, indicating negotiations remain precarious. The prolonged impasse complicates efforts to restore normal maritime operations through one of the world's most critical oil transit chokepoints. Trump said he would pause plans to guide stranded vessels through the strait while exploring whether a deal remains possible. The standoff raises questions about energy supply stability and shipping logistics in the region as diplomatic talks stall.