Oil prices surged Tuesday after President Trump publicly rejected Iran's latest proposal to end hostilities, calling the offer "totally unacceptable" and leaving diplomatic efforts in immediate collapse.
The Strait of Hormuz — the Persian Gulf chokepoint through which roughly one-fifth of global oil supply transits daily — remains effectively closed, compounding the market shock following Trump's rejection.
Brent crude jumped sharply on the news as traders priced in a prolonged disruption to energy shipments with no resolution in sight. Specific settlement figures were still moving at the time of publication.
Iran had presented what sources described as a fresh framework to end the conflict, but Washington offered no counter-proposal following Trump's public dismissal.
Energy analysts warned that every day the Strait stays shut tightens supply across European and Asian markets most dependent on Gulf crude.
No new round of talks has been scheduled. The White House has not indicated when — or whether — it will return to the table.