US President Donald Trump's swift rejection of Iran's response to a US peace proposal has sent oil prices surging amid concerns the 10-week-old conflict will ⁠drag on, keeping shipping through the Strait of Hormuz paralysed.

US President Donald Trump's swift rejection of Iran's response to a US peace proposal has sent oil prices surging amid concerns the 10-week-old conflict will ⁠drag on, keeping shipping through the Strait of Hormuz paralysed.

Iran responded to the US by warning it would not hold back from retaliating against any new US strikes or permit more foreign warships in the Strait of Hormuz.

US President Donald Trump angrily rejected Tehran’s response to a US peace proposal, calling it “totally unacceptable,” while Iranian state media listed what appeared to be no easing of the Islamic republic’s demands, including compensation for war damages and control over the Strait of Hormuz.

US President Donald Trump angrily rejected Tehran’s response to a US peace proposal, calling it “totally unacceptable,” while Iranian state media listed what appeared to be no easing of the Islamic republic’s demands, including compensation for war damages and control over the Strait of Hormuz.