Trump rejects Iran ceasefire reply, threatening 20% of global oil shipments through Hormuz

President Trump called Iran's response to U.S. peace terms 'totally unacceptable,' collapsing talks aimed at reopening the Strait of Hormuz. The strait carries ~20% of global oil flows. Prolonged closure or disruption pressures crude higher, hitting equities sensitive to energy costs and inflation, while boosting oil longs and safe-haven gold demand.