Current Affairs
Iran War Ceasefire Fragile as US Rejects Tehran's Latest Offer
Shipping traffic in the Strait of Hormuz remained at a standstill on May 12, 2026, after US President Donald Trump rejected Iran's latest peace proposal, calling it a "piece of garbage" and suggesting the ceasefire was on "life support." Brent crude climbed 2% to trade above $106 a barrel amid the impasse. The US Energy Department released 53.3 million barrels from strategic reserves to help tame surging prices, while the 10-week war continues to pose grave domestic political risks for Trump.