Iran rejected a U.S.-brokered ceasefire proposal to reopen the Strait of Hormuz for 45 days, rejecting demands to lift regional sanctions. President Trump reiterated threats to target Iran's power infrastructure and bridges if the strait remains closed by Tuesday's deadline, originally set for March 23 but repeatedly extended. Brent crude futures jumped 0.7% to $109.77 a barrel, while U.S. West Texas Intermediate hit $112.41, nearing 2022 peaks. Analysts warn that prolonged disruptions could amplify inflation, with JPMorgan CEO Jamie Dimon citing risks to private credit markets and asset prices.