Trump Rejects Iran Peace Proposal, Labels Ceasefire 'On Life Support'

US President Donald Trump has labelled a proposed ceasefire in Iran as 'on life support' after rejecting Tehran's response to a US peace proposal. The conflict, which began on February 28, has already killed thousands and halted vital energy flows.

Tehran's response included demands for compensation for war damage, sovereignty over the Strait of Hormuz, and an end to the US naval blockade. Trump dismissed the offer as 'a piece of garbage', calling it the 'weakest' proposal yet.

Brent crude oil futures traded 2.7% higher at around $104 a barrel due to the deadlock, which has left the Strait of Hormuz largely closed. The waterway carried one-fifth of the world's oil and liquefied natural gas before the war began.