Iran shuts door on US peace talks, insists Hormuz stays under its control

Iran has refused to meet with top US envoys, casting doubt on peace prospects. Disagreements persist over a ceasefire and terms for lifting the Strait of Hormuz blockade. While shipping has partially resumed, Iran insists on controlling traffic and imposing tolls, a stance the US opposes. The conflict's impact on global inflation and upcoming US elections remains a concern.