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

AI Summary

Following President Trump's rejection of Iran's response to a US peace proposal, concerns over the ongoing conflict have surged, impacting global oil prices. This development threatens to paralyze shipping routes through the crucial Strait of Hormuz.

By Nayera Abdallah, Elwely Elwelly and Idrees Ali DUBAI/WASHINGTON, May 11 (Reuters) - 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.