Trump refuses Iran's ceasefire conditions, intensifying the sovereignty dispute over the Strait of Hormuz. The global energy market continues to fluctuate.

President Trump of the United States rejected Iran's latest ceasefire condition, calling it "completely unacceptable," while Iran emphasized that it would "never bow down," deepening the 10-week-long deadlock in the Middle East war. At the same time, the controversy surrounding control of the Strait of Hormuz and the nuclear issue continues to escalate, further intensifying fluctuations in the global energy market. On Sunday, Trump posted on social media, saying, "I just saw the response submitted by Iran's so-called 'representatives,' and I do not like it, completely unacceptable!" Iranian official media described Tehran's response as a formal rejection of the US "demand for Iran to surrender" plan. According to several media outlets, Iran proposed several core conditions in its response, including war reparations, lifting sanctions, releasing frozen Iranian assets overseas, and demanding full sovereignty over the Strait of Hormuz. Iranian President Rouhani stated on Sunday, "We will never bow down to our enemies. Mentioning dialogue or negotiations does not mean surrender or retreat." Meanwhile, Israeli Prime Minister Netanyahu, in an interview, stated that the war is "not over yet" because "more work needs to be done." Netanyahu pointed out that Iran has not abandoned its high-enriched uranium reserves, nor dismantled its uranium enrichment facilities, continues to support regional proxy armed groups, and advances its ballistic missile program. Currently, the core deadlock in US-Iran negotiations is focused on the nuclear issue and the Strait of Hormuz. Reports indicate that Iran rejected the US demand to completely terminate its nuclear program and transfer its high-enriched uranium stockpile. As an alternative, Tehran indicated a willingness to dilute some high-enriched uranium and transfer the remaining amount to a third country for safekeeping, with the condition that if the US withdraws from the agreement in the future, the uranium material must be returned to Iran. The US hopes that Iran will completely terminate its nuclear program in any peace agreement. Reports suggest that Iran has agreed to suspend uranium enrichment activities, but the suspension period is much shorter than the 20 years proposed by the US, and Iran remains unwilling to dismantle nuclear facilities. Additionally, Iran demands the US lift the blockade on Iranian ports as a prerequisite for reopening the Strait of Hormuz. Reports indicate that Iran is further demanding sovereignty over the Strait of Hormuz. The Strait of Hormuz, located between Iran and Oman, is one of the world's most important energy transportation routes, accounting for approximately one-fifth of global crude oil and liquefied natural gas transport. According to the United Nations Convention on the Law of the Sea, coastal states have resource development and management rights in their exclusive economic zones, but all countries' ships are entitled to "innocent passage." International law also stipulates that coastal states should not hinder the normal passage of foreign vessels. Analysts point out that Iran's demand for sovereignty over the Strait of Hormuz indicates its desire to further strengthen its control over this global energy "chokepoint," significantly increasing uncertainty in international shipping and energy markets. Although on Sunday, a Qatari liquefied natural gas tanker successfully passed through the Strait of Hormuz, the first time since the war broke out, reportedly with Iran's approval to send a goodwill signal to Qatar and Pakistan, overall market concerns have not significantly eased. OCBC Bank forex strategist Christopher Wong stated that current oil prices are extremely sensitive to news about the Middle East situation, with the market expecting a de-escalation of the situation on one hand and fearing continued sporadic conflicts pushing up energy risk premiums on the other hand. On Monday, US WTI crude oil futures rose by 4.96% to $100.3 per barrel; Brent crude oil futures rose by 4.92% to $105.76 per barrel. Meanwhile, the situation in the Middle East continues to deteriorate. Over the weekend, Iran continued its drone attacks on Gulf neighboring countries. The UAE claimed to have successfully intercepted two unmanned drones from Iran; Qatar condemned a cargo ship being attacked by drones in its waters; and Kuwait said its air defense systems detected and responded to hostile drones entering its airspace. Iranian military spokesman Ackraminia warned that if the opponent "miscalculates" again, Iran will take "unexpected options" and escalate the conflict to "areas the enemy has not anticipated." Furthermore, Iran's new Supreme Leader, Hameini, has not made a public appearance since the war broke out, with Iranian state television reporting that he has issued "new, decisive military operation orders."