Ceasefire Crisis: US-Iran Tensions Escalate

The prospect of a US-Iran peace deal dimmed on Tuesday after President Donald Trump described the ceasefire with Iran as 'on life support.' This came after Tehran rejected a US proposal to halt the ongoing conflict and issued demands for the cessation of hostilities, including in Lebanon, and resolution of other key issues.

Iran has remained steadfast, emphasizing sovereignty over the strategic Strait of Hormuz and seeking compensation for wartime damages. These demands, labeled 'garbage' by Trump, have endangered the fragile ceasefire initiated on April 7, threatening to escalate tensions further.

As diplomatic negotiations stall, the impact on global oil prices is significant. Brent crude oil futures saw an upsurge, and OPEC's output fell to the lowest in two decades. The diplomatic landscape remains fraught with challenges as the US seeks to garner international support for a broader resolution.

(With inputs from agencies.)