Iran rejected a two‑tier U.S. cease‑fire proposal, demanding a permanent cease‑fire, sanctions lift, compensation and Strait guarantees.
President Donald Trump warned Iran could be "taken out" in one night and warned of destroying power plants and bridges if no deal by Tuesday 8 p.m. ET.
Israel struck Iran's South Pars and Mahshahr petrochemical facilities, affecting up to 85% of Iran's petrochemical exports, while Iran launched missile attacks on Israel and Kuwait.
Oil prices fell slightly but stay elevated as markets fear a prolonged closure of the Strait of Hormuz, which carries about 20% of global oil.