US President Donald Trump said the ceasefire in the Middle East war was on “life support” on Monday, after rejecting Iran’s latest counteroffer.

Trump’s angry reaction to Iran’s position – itself a response to a US proposal – effectively ended hopes that a deal could be quickly negotiated to reopen the Strait of Hormuz to commercial shipping.

The President insisted the US would see a “complete victory” over Iran, adding that the truce, which has largely halted fighting in the Gulf for over a month, was on its last legs.

He said: “The ceasefire is on massive life support, where the doctor walks in and says, ‘Sir, your loved one has approximately a 1% chance of living’.”

The developments unnerved global energy markets already thrown into chaos by the war.

The CEO and president of Saudi oil giant Aramco, Amin Nasser, told investors: “The energy supply shock that began in the first quarter is the largest the world has ever experienced.

“If the Strait of Hormuz opens today, it will still take months for the market to rebalance, and if its opening is delayed by a few more weeks, then normalisation will last into 2027.’

Aside from energy, the world also faces a shortage of fertiliser, much of which comes from Gulf ports, and hence food for tens of millions of people.

Jorge Moreira da Silva, executive director of the United Nations Office for Project Services, told AFP there were just a few weeks left to avert a potentially “massive humanitarian crisis”.

- AFP