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President Donald Trump has sharply rejected Iran’s latest proposal to end the war, calling Tehran’s response to a US-backed peace framework “totally unacceptable” as fears of a wider Middle East crisis continue to rattle global markets and military leaders.

The explosive exchange comes as oil prices surge, military threats intensify around the strategically critical Strait of Hormuz, and Western allies scramble to prevent a new escalation that could disrupt a fifth of the world’s energy supply.

“I have just read the response from Iran's so-called 'Representatives.' I don't like it - TOTALLY UNACCEPTABLE,” Trump posted on Truth Social.

The blunt rejection signals that hopes for a rapid diplomatic breakthrough may be fading, despite weeks of ceasefire negotiations and mounting international pressure to stop the fighting.

Iran Demands End to War and US Blockade

Iran’s semi-official Tasnim news agency reported that Tehran’s proposal was delivered through Pakistan, which has been acting as a mediator between the two sides.

According to Iranian state media, the proposal called for an immediate end to the war on all fronts, a halt to the US naval blockade of Iranian ports, compensation for war damage, and guarantees that Iran would not face future attacks.

The proposal also stressed Iranian sovereignty over the Strait of Hormuz, one of the world’s most strategically important shipping lanes.

A ceasefire intended to facilitate negotiations has largely held in recent weeks, though sporadic exchanges of fire have continued to threaten the fragile truce.

Earlier this week, Trump insisted the war would be “over quickly.”

But signs of a lasting settlement remain elusive.

Netanyahu Says Iran’s Nuclear Sites Must Be Dismantled

Israeli Prime Minister Benjamin Netanyahu made clear that Israel is not ready to declare victory.

“There's still enrichment sites that have to be dismantled,” Netanyahu said during an interview on CBS’s 60 Minutes.

He added that Iran’s stockpile of enriched uranium must be “taken out” before the conflict can truly end.

The comments underscore a growing divide between diplomatic efforts to freeze the conflict and hardline demands from Israel for sweeping military and nuclear concessions.

US news outlet Axios reported that the American proposal was laid out in a one-page, 14-point memorandum.

The reported framework includes suspending Iranian nuclear enrichment, lifting sanctions, and restoring free transit through the Strait of Hormuz.

Axios cited two US officials and two additional unnamed sources familiar with the negotiations, saying many terms would only take effect if a final agreement is reached.

Oil Markets on Edge as Strait of Hormuz Crisis Deepens

Iran’s continued disruption of the Strait of Hormuz has sent shockwaves through global energy markets.

Roughly 20% of the world’s oil and liquefied natural gas normally passes through the narrow waterway, making any threat to shipping a major global economic risk.

At the same time, the US has intensified pressure on Tehran by enforcing a blockade of Iranian ports, a move Iranian leaders have condemned as an act of economic warfare.

The current conflict erupted after Israeli and US forces launched massive air strikes on Iran on 28 February. A ceasefire eventually took effect last month, but the region remains dangerously unstable.

Iran Warns Gulf Shipping of ‘Severe Consequences’

Iranian military spokesman Mohammad Akraminia warned that ships moving through the Strait of Hormuz could face “severe consequences” if they failed to cooperate with Tehran first, according to the Irna news agency.

Akraminia also dismissed the effectiveness of US naval operations in the region.

Americans “will never be able to turn this vast expanse in the northern Indian Ocean into a real blockade by covering it with their fleet,” he said.

The United States maintains a major military footprint across the Gulf, including bases in Qatar, Bahrain, Kuwait, the UAE, Saudi Arabia and Oman.

Meanwhile, Britain announced Saturday that the Royal Navy would send a warship to the Middle East, potentially joining an international effort to secure shipping routes through the strait.

UK Prime Minister Sir Keir Starmer and French President Emmanuel Macron have both backed plans for a multinational maritime security mission, though Starmer said the deployment would only move forward after fighting ends.

Iran Threatens Immediate Response to Western Deployment

Tehran reacted swiftly to the possibility of Western naval involvement.

Iran warned Sunday that any British or French military deployment in the Strait of Hormuz would trigger a “decisive and immediate response.”

Macron later attempted to ease tensions, saying France had “never envisaged” a naval deployment and instead supported a security mission that would be “co-ordinated with Iran.”

But military tensions across the Gulf continue to intensify.

The UK’s Maritime Trade Operations Centre said a bulk carrier was “hit by an unknown projectile” about 23 nautical miles northeast of Doha, Qatar.

The strike caused a small fire but no casualties.

Iran’s Fars news agency later cited an unidentified source claiming the vessel had been “sailing under the US flag and belonged to the United States.”

In another alarming development, Kuwait said drones entered its airspace and that its military had “dealt with them.”

Hours later, the UAE announced its air defenses intercepted two drones originating from Iran.

Global Military Coalition Prepares Emergency Shipping Talks

Defense ministers from more than 40 nations are expected to meet Monday to discuss UK-led plans aimed at protecting maritime traffic in the Strait of Hormuz once hostilities end.

UK Defense Secretary John Healey and French counterpart Catherine Vautrin are expected to co-chair the talks as coalition members map out how to police one of the world’s most vital shipping corridors.

The stakes remain extraordinarily high for the global economy, energy markets, and regional stability.

Trump himself warned earlier this month that failure to secure a deal could unleash a devastating new phase of the war.

“If Iran did not agree to a deal,” Trump wrote on Truth Social on 6 May, “the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before.”