Trump rejects Iran as 'totally unacceptable'; Brent $104, Hormuz at 5%

President Trump rejected Iran's peace counterproposal transmitted via Pakistan on May 10–11 as 'totally unacceptable' and described the ceasefire as under 'massive life support'. Iran demanded Hormuz Strait sovereignty recognition, unfrozen assets, and sanctions relief while declaring 'never bow'. Prewar Hormuz transits of 3,000 vessels monthly have collapsed to roughly 5%. Brent rallied from $101.29 (+1%) on May 8 to $104.21 (+3%) on May 11; WTI closed at $98.07. U.S. average gasoline hit $4.52 per gallon. Trump also announced three U.S. destroyers came under attack transiting Hormuz, intensifying ceasefire collapse fears.