US-Iran clash torches ceasefire hopes, sends oil surging past US$100

A skirmish in the Strait of Hormuz between the US and Iran extinguished hopes for a ceasefire, sending oil prices surging past $100. The renewed fighting occurred as the US awaited Iran's response to a peace proposal that left key demands regarding Iran's nuclear program and the strait's full reopening unresolved. Trump warned of further strikes if Iran fails to sign a nuclear deal.