President Donald Trump's swift rejection of Iran's response to a U.S. peace proposal sent oil prices surging 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. Tehran also included a demand for compensation for war damages and emphasised Iranian sovereignty over the Strait of Hormuz, Iranian state TV said.
It also called on the U.S. to end its naval blockade, guarantee no further attacks, lift sanctions and end a U.S. ban on Iranian oil sales, the semi-official Tasnim news agency said.
Within hours, Trump dismissed Iran's proposal with a post on social media.
"I don’t like it — TOTALLY UNACCEPTABLE," Trump wrote on Truth Social, without giving further detail.
The U.S. had proposed an end to fighting before starting talks on more contentious issues, including Iran's nuclear programme.
Oil prices jumped $3 a barrel on Monday following news of the continued stalemate that leaves the narrow Strait of Hormuz largely closed. Before the war the waterway carried one-fifth of the world's oil supply and has emerged as one of the central pressure points in the war.
Surveys show the war is unpopular with U.S. voters facing sharply higher gasoline prices less than six months before nationwide elections that will determine whether Trump's Republican party retains control of Congress.
The U.S. has also found little international support, with NATO allies refusing calls to send ships to open the Strait of Hormuz without a full peace deal and an internationally mandated mission.
It's not clear what fresh diplomatic or military steps may be ahead.
Trump is expected to arrive in Beijing on Wednesday. With mounting pressure to draw a line under the war and the global energy crisis it has ignited, Iran is among topics Trump and Chinese President Xi Jinping are set to discuss.
Trump has been leaning on China to use its influence to push Tehran to make a deal with Washington.
Addressing whether combat operations against Iran were over, Trump said in remarks aired on Sunday, "They are defeated, but that doesn't mean they're done."
Israeli Prime Minister Benjamin Netanyahu said the war was not over because there was "more work to be done" to remove enriched uranium from Iran, dismantle enrichment sites and address Iran's proxies and ballistic missile capabilities.
The best way to remove the enriched uranium would be through diplomacy, Netanyahu said in an interview that aired Sunday on CBS News' "60 Minutes." But he did not rule out removing it by force.
Iran's President Masoud Pezeshkian said in a social media post that Iran would "never bow down to the enemy" and would "defend national interests with strength."
Despite diplomatic efforts to break a deadlock, the threat to shipping lanes and the economies of the region remained high.
Recent days have seen the biggest flare-ups in fighting in and around the strait since a ceasefire began.
On Sunday, the United Arab Emirates said it intercepted two drones coming from Iran, while Qatar condemned a drone attack that hit a cargo ship coming from Abu Dhabi in its waters. Kuwait said its air defences had dealt with hostile drones that entered its airspace.
Clashes have also continued in southern Lebanon between Israel and Iran-backed militant group Hezbollah, despite a U.S.-brokered ceasefire announced on 16 April.
An end to hostilities with Iran would not necessarily bring an end to the war in Lebanon, Netanyahu said in the "60 Minutes" interview, in which he also said Israeli planners had underestimated Iran's ability to choke off traffic through the Hormuz Strait.
"It took a while for them to understand how big that risk is, which they understand now," he said.
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U.S. Donald Trump has said he has cancelled planned strikes on Iranian oil and gas ports announced earlier on Thursday. Trump said he made the decision after senior leadership in Iran agreed to peace talks.
Britain's Defence Minister, John Healey, and Armed Forces Minister, Al Carns, have resigned from UK Prime Minister Keir Starmer’s government over a disagreement about defence spending.
Spanish football club Real Madrid has appointed José Mourinho as its new manager. The 63-year-old nicknamed “the special one” returns to the helm of Spain’s most successful football club, more than a decade since his last stint as the team's manager.
Canada’s Privacy Commissioner has found that xAI’s Grok chatbot and its parent company X Corp. violated federal privacy law by launching an AI image-generation tool without adequate safeguards, enabling the creation and distribution of non-consensual sexualised deepfakes.
Mexico and South Africa meet in Thursday’s World Cup opener in Mexico City, with both teams approaching the match from very different positions but facing their own pressures.
Azerbaijan's Foreign Ministry says 19 citizens have been repatriated following a deadly drone attack on two cargo ships in the Sea of Azov on 5 June.
The Pakistani city of Karachi is struggling under severe heat and humidity as the country enters a prolonged heatwave period. The Pakistan Meteorological Department (PMD) has warned of above-normal temperatures across much of the country between 7 and 12 June.
Ukraine's military said it struck a Russian "shadow fleet" tanker in the Black Sea as part of ongoing efforts to disrupt Moscow's energy and logistics networks. The move underscores Kyiv's focus on targeting maritime assets it says are used to bypass sanctions on Russian oil exports.
U.S. forces say they have completed strikes on Iranian military sites near the Strait of Hormuz. Iran responded with missile attacks on an American base in Jordan, marking a sharp escalation in tensions between the two sides.
U.S. President Donald Trump has threatened to seize Kharg Island and other major Iranian oil and gas facilities, escalating tensions between Washington and Tehran.
U.S. forces say they have completed strikes on Iranian military sites near the Strait of Hormuz. Iran responded with missile attacks on an American base in Jordan, marking a sharp escalation in tensions between the two sides.
Concurrent with the renewed military standoff between Iran and the U.S. in the Middle East, Tehran and Washington are clashing at the International Atomic Energy Agency (IAEA), where the U.N. nuclear watchdog’s Board of Governors is holding its quarterly meeting in Vienna.
The United Nations Educational, Scientific and Cultural Organization (UNESCO) has warned that escalating conflict in Iran and the wider region is placing multiple World Heritage sites at risk, with reports of damage to historic monuments caused by nearby airstrikes and shockwaves.
Iran's Revolutionary Guards said they had carried out attacks against a U.S. base in Jordan and 21 other targets in the Gulf on Wednesday in retaliation for American strikes around the Strait of Hormuz, Iranian media reported.
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