WRAPUP 3-Trump dismisses Iran's reply to peace plan, oil jumps as Hormuz closure persists

President Trump rejected Iran's response to the U.S. peace proposal, leading to a surge in oil prices due to the continued closure of the Strait of Hormuz. Iran demanded compensation for war damage and emphasized its sovereignty over the waterway, while also calling for the end of the U.S. naval blockade and sanctions. Shipping through the Strait of Hormuz remains drastically reduced.