April 6: Iran rejects temporary ceasefire proposal as Trump deadline nears

The Iran war story has shifted again. Iran has rejected the latest temporary ceasefire proposal, and Trump says the Tuesday deadline for a deal is final.

AP reported that Tehran wants a permanent end to the war rather than a short truce. Reuters-syndicated reporting said Iran conveyed its response through Pakistan, while mediators are still discussing a framework that could include a 45-day ceasefire, the Strait of Hormuz and Iran’s enriched uranium stockpile.

Axios reported earlier that the White House had not signed off on the proposal, even as mediators kept working on a deal. AP also said the talks have not necessarily collapsed, which leaves the diplomatic track alive but fragile.

For markets, the implication is less about a quick resolution and more about continued escalation risk. Oil traders and stock investors are still watching whether the dispute around the Strait of Hormuz hardens into a shipping shock or stays in the realm of brinkmanship.

The White House has continued to frame the U.S. campaign against Iran as ongoing. For now, the immediate question is whether the deadline passes with no agreement, or whether a revised proposal appears before Tuesday night.

The latest reporting makes one point clear: the odds of a near-term ceasefire look weaker than they did at the start of the day.