May 11, 2026, 7:35 AM EDT  /  Updated May 11, 2026, 8:40 AM EDT Negotiations deadlocked and a ceasefire on a precipice. That appeared to be the situation Monday between the United States and Iran , with both sides labeling each other’s peace proposals unacceptable after exchanging fire over the weekend . That impasse raised the threat of renewed conflict and left the global economy imperiled by the standoff over the Strait of Hormuz, a tense backdrop for President Donald Trump’s state visit this week to China. Oil prices rose early Monday, with the Brent Crude international benchmark above $103 a barrel, as Tehran insisted its latest offer was “reasonable and generous” hours after Trump dismissed it as “totally unacceptable.” A woman holds the Iranian flag as she stands in front of an anti-U.S. billboard on a building at Valiasr Square in Tehran on Sunday. Atta Kenare / AFP via Getty Images The Iranian Foreign Ministry accused the U.S.…