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Iran has rejected a ceasefire proposal from U.S. President Donald Trump, according to Iranian and Iraqi officials. The proposal, conveyed to Tehran by the Iraqi prime minister, was turned down on Thursday, marking a failure in mediation efforts. The rejection comes as Trump threatens to escalate the conflict and considers targeting Iranian critical infrastructure. The specifics of the ceasefire plan remain unclear, but Iranian officials stated it was the only proposal on the table. Tehran is unwilling to accept a temporary agreement that does not address the issue of control over the Strait of Hormuz, a key waterway for global oil shipments. The development raises fears of a wider conflict and potential disruptions to oil supplies, which could impact market volatility and risk appetite.
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