Iran Rejects 45-Day Ceasefire, Demands Permanent End

Iran rejected a U.S.-backed 45-day cease-fire proposal, demanding a permanent end to the war and sanctions relief.
Israel struck Iran’s South Pars and Mahshahr petrochemical plants, affecting up to 85% of Iran’s petrochemical exports.
Iran launched missile attacks on Israel and targeted U.S. forces on Kuwait’s Bubiyan Island, heightening regional tensions.
Oil prices fell slightly but remain elevated as markets fear closure of the Strait of Hormuz, which carries ~20% of global oil.