Iran Rejects U.S. Proposal for Hormuz Ship Escorts

The U.S. has proposed escorting commercial ships through the Strait of Hormuz, but Iran has rejected the plan, warning of military retaliation. The blockade, now in its third month, has trapped 1,550 vessels, including oil tankers, and disrupted global trade. Gasoline prices in the U.S. have risen 50% since the war began, while global supply chains face delays and price hikes for consumer goods. The U.S. claims a cease-fire remains in place, but both sides exchanged fire on Monday. Iran, despite heavy losses, maintains control over the strait, using it as leverage in the conflict. The blockade has led to a 7-10% global oil supply shortfall, driving up energy costs worldwide. Analysts warn of broader economic impacts, including rising prices for chemicals, shipping, and even condoms. The U.S. insists it will protect stranded crews, but Iran’s defiance highlights the stalemate in the region.