Why did President Trump reject Iran's latest ceasefire offer, and what did he say about the current status of the truce?

President Trump rejected Iran's latest ceasefire offer by calling it a 'piece of garbage' and stated that the ceasefire was on 'life support.' He made these remarks during a press briefing in the Oval Office, underscoring deep skepticism about Tehran's commitment to diplomacy while acknowledging that reaching a diplomatic solution remains 'very possible.'

What is the immediate impact of the Strait of Hormuz closure on global energy markets and U.S. financial indicators, according to the article?

The closure of the Strait of Hormuz has halted shipping traffic, causing Brent crude to climb 2% to over $106 a barrel; the disruption is costing global oil markets 100 million barrels per week, according to Saudi Aramco’s CEO Amin Nasser. This impasse has also fueled inflation concerns, pressuring U.S. bonds and pushing the 10-year Treasury yield up two basis points to about 4.43%.

Iran War Ceasefire Fragile as US Rejects Tehran’s Latest Offer

May 12, 2026

US President Trump rejected Iran's ceasefire offer, causing Brent crude to climb above $106 per barrel amid ongoing Strait of Hormuz disruptions. Global oil markets face weekly losses of 100 million barrels, raising inflation risks.

bloomberg

2026-04-13

Trump Vows to Hit Iranian Ships as Hormuz Blockade Takes Effect

2026-04-21

Stocks Rise, Oil Jittery as Proposed Trump-Iran Ceasefire Tested

2026-05-01

Trump Vows to Maintain Naval Blockade on Iran

2026-05-02

Trump Prefers Not to Strike Iran Amidst Mounting Frustration

2026-05-03

Trump Weighs Iranian Peace Offer Without Ruling Out More Strikes