Oil Prices Surge Past $100 as Trump Rejects Stalled Iran Ceasefire Proposal

Global energy markets are facing severe instability as oil prices climbed past $100 per barrel following the continued closure of the Strait of Hormuz. The blockade, which impacts approximately 20% of the world's oil supply, has led to rising U.S. gasoline costs and increased recession fears. Tensions escalated further following reports from the Iranian Revolutionary Guard Corps (IRGC) of cruise missile strikes on the USS Tripoli (LHA-7) and an Israeli-owned vessel, SDN7, in the Indian Ocean. The USS Tripoli, carrying over 5,000 personnel, was forced to retreat to the southern Indian Ocean. Diplomatically, President Trump has characterized a proposed 45-day ceasefire as a 'significant step' but ultimately 'not good enough.' He has reaffirmed a strict deadline of 8 p.m. ET Tuesday for Iran to reopen the strait, threatening targeted strikes on Iranian infrastructure, including power plants and bridges, if the demand is not met. Iran has countered the proposal through mediators in Pakistan, demanding a permanent end to hostilities, sanctions relief, and financial compensation, while asserting that negotiations cannot proceed under direct threats. On the ground, the humanitarian toll of the 38-day conflict continues to mount. U.S.-Israeli airstrikes reportedly hit a residential building in Eslamshahr and major institutions in Tehran, resulting in the deaths of at least 13 civilians, including six children. Additionally, Iran has vowed further escalation following claims that a U.S.-led strike killed the IRGC intelligence chief. Phase-based ceasefire talks are reportedly ongoing through back-channels, though no breakthrough has been reached.