Trump’s rejection of Iran’s seven-day Hormuz reopening proposal keeps geopolitical and energy-supply risks elevated, pushing Brent higher as markets reassess the likelihood of a rapid de-escalation. However, continued U.S.-Iran negotiations this week leave scope for renewed diplomatic progress and oil-price volatility. Despite the oil rebound, U.S. equities posted broad gains, suggesting investors have so far absorbed the geopolitical risk without a major risk-off move. The divergence between rising oil and resilient equities remains important, as sustained higher energy prices could eventually reinforce inflation pressures and complicate the interest-rate outlook.