Stocks Set for Muted Open as Oil Rises After Trump Rejects Iran’s Response to Peace Proposal, U.S. Inflation Data Awaited

U.S. President Trump rejected Iran’s response to a peace proposal, leading to a surge in oil prices. This effectively extended the closure of the Strait of Hormuz, raising concerns about energy security. Rising inflation worries in the U.S. are also fueling speculation about further interest rate hikes.