President Donald Trump has warned that the ceasefire in the Middle East war is on 'life support' after rejecting Iran's latest counteroffer. Iran's military has said it is ready to respond to any act of aggression.
The US and Iran have been engaged in a war of words, with Trump slamming Iran's response as 'TOTALLY UNACCEPTABLE'. Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, has said that his country is prepared 'for any eventuality'.
The developments have unnerved global energy markets, with oil prices soaring and hopes of a quick deal to reopen the Strait of Hormuz to commercial shipping dashed.
The Strait of Hormuz is a vital conduit for oil and gas shipments, and a shutdown could have severe consequences for the global economy.
The US and Iran have been at odds over the war, with the US accusing Iran of seeking atomic weapons and Iran denying the allegations.
The lack of a path to a resolution has focused concern on the Strait of Hormuz, where Iran is restricting maritime traffic and setting up a payment mechanism to charge tolls for crossing ships.
US officials have stressed that it would be 'unacceptable' for Tehran to control the international waterway.
