Dan Schwartzman

I'm Dan Schwartzman.

The ceasefire between the U.S.

and Iran is on, quote, life support after President Trump rejected Tehran's latest peace offer.

We're told Iran responded to the U.S.

peace proposal by demanding a lifting of Washington's naval blockade and sanctions relief while maintaining control over traffic through the Strait of Hormuz.

Trump did not indicate whether the U.S.

would resume military attacks on Iran, as he previously has threatened if the Islamic Republic's leadership didn't agree to his terms.

Iran says it has deployed small submarines to act as a, quote, invisible guardian of the Strait of Hormuz amid rejected peace deals with the U.S.

The submarines, known as Ghadir-class midget subs, are noisy and have maintenance issues, and their crews have limited experience.

Iran's decision to deploy the submarines came as President Trump told Fox News he was considering a revival of a plan to use the U.S.

military to escort ships.

The United Arab Emirates has carried out military strikes on Iran.

That's according to a report from The Wall Street Journal.

The strikes, which the UAE has not publicly acknowledged, have included an attack on a refinery on Iran's Lavan Island in the Persian Gulf.

That attack took place in early April, around the time President Trump was announcing a ceasefire in the war after a five-week air campaign and sparked a large fire knocked much of its capacity offline for months.

And oil climbing today after the U.S.

and Iran failed to agree on those terms to end their war.

Senior analyst Salih Yilmaz with Bloomberg Intelligence.

Salih Yilmaz is with Bloomberg Intelligence.

President Trump has mounted a new push to tackle affordability, taking aim at beef and gasoline amid surging consumer prices that may threaten his party's hold on Congress.