Trump rejects 'unacceptable' Iran response to peace plan

U.S. President Donald Trump has swiftly rejected Iran's response to Washington’s peace proposal.

Reuters reported that oil prices surged on Monday amid concerns that the 10-week-old conflict will drag on, keeping shipping through the Strait of Hormuz paralyzed.

Days after the U.S. floated an offer in the hopes of reopening negotiations, Iran on Sunday released a response focused on ending the war on all fronts, especially in Lebanon, where U.S. ally Israel is fighting Iran-backed Hezbollah militants.

According to Iranian state media, Tehran also included a demand for compensation for war damage and emphasized Iranian sovereignty over the Strait of Hormuz.

It also called on the U.S. to end its naval blockade, guarantee no further attacks, lift sanctions, and end a U.S. ban on Iranian oil sales.

Within hours, U.S. President Donald Trump dismissed Iran's proposal.

"I don’t like it — TOTALLY UNACCEPTABLE," Trump wrote on Truth Social.

Oil prices jumped more than $4 a barrel on Monday.