US‑Iran ceasefire talks stalled after Trump called Iran's counteroffer "unacceptable" and "piece of garbage".
Iran's counteroffer focuses on reopening the Strait of Hormuz, which remains closed, tightening global oil supplies.
Brent crude rose 2.0% to $106.30 per barrel, sparking inflation concerns and expectations of higher interest rates.
Analysts doubt Trump‑Xi summit in Beijing will break the impasse, noting Trump's reluctance to militarily escalate.