Trump rejects Iran's response to US peace proposal as 'unacceptable'

AI Summary

President Trump has deemed Iran's response to a US peace proposal as 'unacceptable,' leading to a surge in oil prices. The ongoing conflict raises concerns about shipping disruptions through the Strait of Hormuz.

DUBAI/WASHINGTON, May 11 - 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 paralyzed.