Trump says ceasefire on 'life support'; Brent $105, Hormuz normalization 'unlikely before 2027'

President Trump dismissed Iran's May 11-12 peace counterproposal as 'garbage' and 'totally unacceptable', warning the ceasefire is on 'life support'. On May 12, Brent closed up 0.73% at $104.97, WTI ended in the $101 range, and average U.S. gasoline topped $4.50 per gallon. Aramco CEO Amin Nasser warned the Hormuz crisis has removed a cumulative 1 billion barrels from global supply, with another 100 million barrels lost each week, and said normalization is unlikely before 2027. The IEA described the shock as the largest supply disruption in oil-market history.