(Bloomberg) -- Oil surged after US President Donald Trump rejected Iran’s latest response to his proposal to end the war in the Middle East, prolonging the effective closure of the crucial Strait of Hormuz.Most Read from BloombergIran Makes New Offer on Uranium in Response to US, WSJ SaysDrone Hits Ship Near Qatar as US Awaits Iran Peace Plan ResponseJudge to Review Musk, SEC Settlement Deal in Twitter Stake CaseOnline Mob Fuels 6,000% Stock Rally in Obscure SpaceX RivalTrump Wants to Make H-1B