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Hormuz standoff drives oil higher as peace hopes ebb

Hopes for a peace deal with Iran have dwindled after Donald Trump said a ceasefire was "on life support" as Tehran rejected a US proposal to end the conflict and stuck ⁠to a list of demands the US president described as "garbage".

First seen · 3:43 AM UTCMay 13, 2026

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Hormuz standoff drives oil higher as peace hopes ebbHopes for a peace deal with Iran have dwindled after Donald Trump said a ceasefire was "on life support" as Tehran rejected a US proposal to end the conflict and stuck ⁠to a list of demands the US president described as "garbage".
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