ToplineA fighter jet fired on and disabled an Iranian oil tanker headed toward an Iranian port, the U.S. military said in a statement on Wednesday, as the blockade of the Strait of Hormuz continues despite President Donald Trump’s earlier endorsement of a peace proposal to reopen the waterway and end the ongoing war.President Donald Trump warned a higher level and intensity of bombing will resume if Iran doesn't agree to the deal, without sharing any details.Getty ImagesKey FactsA U.S. Navy fighter jet fired multiple rounds at the M/T Hasna, an Iranian-flagged oil tanker in the Gulf of Oman, U.S. Central Command said, adding that the blockade of Iran’s ports “remains in full effect.”The strike happened even after Trump seemingly endorsed a peace proposal sent by the U.S., writing in a Wednesday morning Truth Social post that if Iran accepts “the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran.”Trump, however, warned that if the deal falls through, the ceasefire could end and the bombing of Iran will restart at a “much higher level and intensity” than before. Details of the single-page peace deal first reported by Axios, and later confirmed by multiple outlets, would reportedly reopen the Strait of Hormuz and force Iran to accept a moratorium on enriching nuclear material.In a post on social media, Ebrahim Rezaei, a spokesperson for Iran’s parliamentary national security committee said the details in the Axios report were “more of an American wish list than a reality,” and insisted the U.S. will “not gain anything in a losing war that they did not gain in face-to-face negotiations.”The president’s post comes hours after China’s Foreign Minister Wang Yi called for an immediate and complete ceasefire after a high-level meeting with Iranian counterpart Abbas Araghchi in Beijing.What Is Known About This Purported Deal?Citing unnamed U.S. officials, Axios and Bloomberg reported that both sides are close to agreeing to a one-page memorandum of understanding to end the war and begin expanded nuclear talks. The Axios report notes that the agreement includes a commitment from Iran to halt nuclear enrichment, a lifting of U.S. sanctions against the country and the release of frozen Iranian funds. As Trump also mentioned, the deal will allow for the Strait of Hormuz to be fully reopened by both sides for all shipping traffic. The Bloomberg report added that the U.S. expects a response from Iran in 48 hours.How Has The Market Reacted?Shortly after Trump’s post, the global crude oil benchmark, Brent Crude Futures, plunged sharply to around $100 per barrel, before settling at around $103.60, down from around $108 earlier in the day. The stock market also reacted positively, with Dow Futures soaring 0.75% to 49,788, while the benchmark S&P 500 futures rose 0.73% to 7,340.75. Further ReadingIran And China’s Foreign Ministers Meet In Beijing As Trump Pauses ‘Project Freedom’ (Forbes)