Iran has formally rejected a ceasefire proposal and instead put forward a 10-point plan aimed at ending the war, including calling for a permanent halt to the fighting.
US President Donald Trump said a ceasefire proposal in the Iran war was a 'very significant step,' but added it was still not enough to bring the conflict to an end.
The US president asked Tehran to reopen the Strait of Hormuz for global shipping by midnight GMT on Tuesday, warning of a fresh and severe round of airstrikes if it did not comply.
Iran's 10-point plan includes ending conflicts in the region, a permanent end to the war, and a system to ensure safe movement through the Strait of Hormuz.
Iran would also remove its effective blockade on the Strait of Hormuz, but would charge about $2 million per vessel, with the funds going towards rebuilding infrastructure damaged in US and Israeli strikes.
US forces would target Iranian power plants and bridges if no deal is reached, with Trump saying 'every bridge in Iran will be decimated' and 'every power plant in Iran will be out of business, burning, exploding, and never to be used again.'
