May 12, 2026
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0:38Now PlayingPresident Trump says the Iran ceasefire is on "life support" after rejecting Tehran's latest proposal, calling it "a piece of garbage."
The two sides remain far apart, with Trump demanding a major rollback of Iran's nuclear program and Iran pushing for a more limited agreement. Trump also proposed suspending the federal gas tax as fuel prices surge past $4.50 a gallon, a move that would require congressional approval.
The Strait of Hormuz remains closed, continuing to squeeze global oil and gas supplies.
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