President Donald Trump has rejected Iran’s response to a U.S. peace proposal in the ongoing conflict, describing it as “totally unacceptable.”
The war, sparked by U.S. and Israeli airstrikes on 28 February, continues to rattle global markets with Iran tightening control over the Strait of Hormuz, through which a fifth of the world’s oil and gas passes. Brent crude has surged 12% to £85 per barrel since the blockade began, according to Bloomberg figures, squeezing economies across Europe and Asia.
Tehran’s counter-offer, channelled through Pakistan and reported by Tasnim news agency, calls for an end to all fighting, lifting the U.S. naval blockade on its ports, and guarantees against further strikes. In reply, a U.S. 14-point memorandum demands a pause in Iran’s nuclear enrichment, sanction relief, and free strait access, but only upon reaching a full agreement, sources told Axios.
Trump aired his frustration on Truth Social. “I have just read the response from Iran’s so-called ‘Representatives.’ I don’t like it – TOTALLY UNACCEPTABLE.” He had earlier predicted a swift end to the war, though Israeli Prime Minister Benjamin Netanyahu insists on dismantling Iran’s uranium sites first.
“There’s still enrichment sites that have to be dismantled,” Netanyahu said on CBS’s 60 Minutes. He also seeks to phase out $3.8 billion in annual U.S. aid. “We receive $3.8 billion a year. And I think that it’s time that we weaned ourselves from the remaining military support,” he added. “Let’s start now and do it over the next decade.”
A ceasefire has largely held since last month, despite sporadic fire and Iranian threats to shipping. UKMTO noted a U.S.-linked bulk carrier hit near Qatar, while Kuwait and the UAE downed drones.
Iranian President Masoud Pezeshkian declared, “We will never bow our heads before the enemy, and if talk of dialogue or negotiation arises, it does not mean surrender or retreat.”
Amid rising tensions, Britain dispatches a warship for potential strait patrols, led by Sir Keir Starmer and Emmanuel Macron, pending a truce as Iran warns of retaliation. Defence ministers from over 40 nations meet Monday in London to plan protections.
Trump cautioned on 6 May that without a deal, bombing would intensify. The IMF warns of a 2% global GDP blow if stalemate persists.