President Trump has rejected Iran’s response to a U.S. peace proposal, sparking another jump in oil prices. The U.S. proposal called for Iran to reopen the Strait of Hormuz. In exchange, the U.S. would ease its blockade of Iranian ports, while both sides negotiate a full deal. Iran’s response reportedly included a demand to end the war and lift oil sanctions. But within hours, President Trump dismissed Iran’s proposal calling it “totally unacceptable.”
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