Donald Trump summoned his national security team together to discuss a 'way forward' on the Iran war after revealing that the ongoing ceasefire is on 'life support.' 

The President revealed Monday that he rejected Tehran's latest peace proposal without even bothering to finish reading it because it did not agree to his demand that Iran turn over its uranium stockpile. 

'Unbelievably weak,' Trump said when asked if the ceasefire was still in place. 'I would call it the weakest right now after reading that piece of garbage they sent us ... didn't even finish reading it.'

He continued, 'The ceasefire is on massive life support, where the doctor walks in and says, "Sir, your loved one has approximately a one percent chance of living."'

Trump gathered members of his national security team at the White House to discuss next steps on Monday after peace deal negotiations hit a dead end, according to Axios.

Tehran has reportedly demanded that the US end its naval blockade of Iranian ports, release billions of dollars in frozen Iranian bank assets, and establish security guarantees for the regime's militant allies in Lebanon.

The Iranian Foreign Ministry accused US diplomats of 'making unreasonable' and 'excessive demands.'

Trump wants Tehran to hand over its entire stockpile to the US, while Iran has only offered to transfer it to an allied country such as Russia.

During the his press conference, Trump ⁠also claimed Iran is willing to give up it's 'nuclear dust.' He said only China and the US have the capability to retrieve the stockpile, which was buried under rubble by American strikes last year.

Iran responded to Trump's peace rejection by issuing a stark warning to the US. 

'We will never bow our heads before the enemy, and if talk of dialogue or negotiation arises, it does not mean surrender or retreat,' Iranian president Masoud Pezeshkian said.

With no peace deal in sight to end the Strait of Hormuz standoff, global oil prices have skyrocketed, pushing Brent crude futures to around $104 a barrel.

The Trump administration's latest proposal addressed a deal to end the war, reopen the Strait of Hormuz, and roll back Iran's nuclear program. 

The fragile ceasefire began in April after Trump threatened to destroy Iran's entire 'civilization' if the regime refused to make a deal.

It was initially only supposed to last two weeks, but the President extended it indefinitely at the request of foreign mediators, including Pakistan.

The strait has remained closed, with oil tankers facing threats from Iranian speedboats and mines, while Tehran's ports stay cut off by the US Navy.

Both sides have accused each other of violating the terms of the ceasefire.