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Markets sell off as U.S.-Iran ceasefire plans go nowhere, leaving Trump with a military option to reopen the Strait of Hormuz

Iran rejected U.S. ceasefire terms and markets slid as oil climbed, with Washington warning it could return to military action if talks fail.

Summary by Fortune
Trump soon blasted Iran's response as "totally unacceptable."
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The White House despises Tehran's latest offer and reopens the risk of a military clash in Hormuz, the bottleneck through which almost 20% of the world's oil passes.

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Fortune broke the news in New York, United States on Sunday, May 10, 2026.
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