US Rejects Iran's Ceasefire Proposal for Strait of Hormuz, Sparking Global Market Sell-Off

US President Donald Trump has rejected Iran's seven-day ceasefire proposal aimed at reopening the Strait of Hormuz to vessel traffic, leading to a sell-off in global markets. This rejection, following the 81st session of the UN General Assembly, has caused November-delivery Brent crude prices to rise by 2.5% to $109.6 a barrel, as expectations for a near-term US-Iran ceasefire fade. The US 10-Year Treasury yield also hit its highest level since 2007.