Iran has rejected a U.S. ceasefire proposal, demanding full sovereignty over the Strait of Hormuz, escalating tensions in the region. The move heightens fears of military escalation and threatens critical global oil shipping lanes.
- Iran rejects U.S. ceasefire offer
- Demands sovereignty over the Strait of Hormuz
- President Donald Trump claims negotiations are underway
- Iran denies any direct talks with the U.S.
- Strait of Hormuz handles ~20% of global oil supply
- Market indicators: CL=F, XLE, ^VIX may see increased volatility
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