U.S. and Iran Reject Ceasefire Proposal as Trump Sets Strait of Hormuz Deadline

m. ET on Tuesday, warning of strikes on Iranian bridges and power plants if the demand is not met. The extension follows a previous 10-day pause on attacks that expired on Monday. " A White House official, speaking on condition of anonymity, confirmed to CNBC on Monday that Trump has not approved a proposed 45-day ceasefire.

The official described the ceasefire as one of many ideas under discussion and noted that Operation Epic Fury continues. m. ET on Monday.

The 45-day ceasefire proposal involves the U.S., Iran, and regional mediators, with potential to end the five-week-old war. Axios reported on Sunday evening, citing sources with knowledge of the talks, that the proposal represents a last-ditch effort to avert massive strikes on Iranian infrastructure.

Iran rejected the ceasefire proposal, according to Iran's state news agency IRNA. Iran emphasized a permanent end to the war, requested a safe passage agreement for the Strait of Hormuz, lifting of sanctions, and reparations for reconstruction. The rejection occurs amid ongoing fighting involving the U.S. and Israel.

“This is one of many ideas, and [Trump] has not signed off on it.”

stock market futures fell at the open on Monday following Trump's declaration. The S&P 500 declined 0.7%, the Nasdaq 100 fell 0.8%, and the Dow Jones dropped 0.7%. WTI crude oil rose 3.0%, natural gas increased 1.0%, and gold decreased 0.9%. Brent crude oil prices fell after initial reports of the ceasefire discussions.

" Separately, Trump described Monday as a special day to celebrate Jesus and religion. The Strait of Hormuz remains closed, contributing to the ongoing conflict that began five weeks ago. Regional mediators continue discussions, but no agreement has been reached.