The Islamic Republic of Iran on Monday rejected a proposed 45-day ceasefire plan that would have required it to open the Strait of Hormuz, the Wall Street Journal reported.

Reports of the proposal broke Monday morning, though the last-ditch effort to end the conflict appears to have failed as of press time. President Donald Trump, for his part, rejected an Iranian counter proposal, but called their offer a "significant step."

Trump on Monday delivered an address on the conflict in which he largely celebrated the success of an American operation to rescue the crew of a downed F-15 fighter jet over the weekend.

Despite the apparent stall in negotiations, Trump declared he is negotiating with an "active, willing participant" on the Iranian side, though he declined to identify his point of contact with the Iranian government.

Ben Whedon is the Chief Political Correspondent at Just the News. Follow him on X.