Iran War Escalation: Trump Rejects Ceasefire, Economic Fallout Spreads

President Trump has declared the Iran ceasefire on 'life support' after rejecting Iran's counter-proposal as 'garbage.' The US Navy deployed nuclear-armed submarine USS Alaska through Gibraltar, while Iran deployed combat-ready mini subs in Hormuz. The Financial Times published a lead story detailing the war's economic toll: US petrol prices surged to $4.55/gallon, diesel to $5.66, and consumers paid an extra $35bn in fuel costs. The Pentagon estimates $25bn in war costs. Saudi Aramco CEO Amin Nasser warned oil markets won't normalize until 2027 if the Strait remains closed. Shortages are hitting plastics and packaging, with Japanese snack maker Calbee switching to black-and-white packaging due to naphtha shortages. Analysts Chas Freeman and Robert Pape argue negotiations are effectively dead, with Freeman predicting Iran will develop nuclear weapons and control the Strait, ending Anglo-American maritime supremacy.