Trump rejected Iran’s Hormuz deal — What happens to oil prices now?

Trump’s rejection signals Iran rebuke amid Strait of Hormuz tensions, impacting oil prices and upcoming elections

Iran’s proposal to reopen the Strait of Hormuz has failed to resolve the wider standoff with the United States, with Oz Sultan of Sultan Interactive Group describing Washington’s rejection as a broader rebuke of Tehran’s position.

Iran is seeking guarantees while retaining control over the strategic waterway, a position that clashes with US demands and wider international interests in keeping the key shipping route open.

Sultan says the impasse could have consequences well beyond the Middle East, with any prolonged disruption to Hormuz putting pressure on global oil markets and potentially feeding into higher costs for consumers.

With negotiations still uncertain, a failure to reach an agreement could extend the conflict and deepen economic uncertainty, keeping energy prices and the wider impact on households and voters firmly in focus.

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