Iran reportedly attacked Jubail Industrial City in the Eastern Province of Saudi Arabia on April 7.

According to media, large fires have erupted on the site due to Iranian ballistic missiles and drones. Jubail is one of the largest industrial centers in the world and is very important for the Saudi petrochemical sector.

“Jubail and Yanbu (where Saudi Arabia has the second largest petrochemical complex) together account for 85% of Saudi non-oil exports,” wrote Theti Mapping.

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According to Drop Site, an advisor to Iranian parliamentary speaker Mohammad Bagher Ghalibaf posted on X that Tehran sees Saudi Arabia as the "main instigator" along with Israel. The advisor warned that,

"The damage that Saudi Arabia and the financial partners of Bin Salman in the Trump family will cause is incalculable."

What is in Iran's counter-proposal?

Iran has meanwhile formally rejected Washington's 15-point peace plan and is working with its own 10-point counter-proposal.

This counter-proposal states that an agreement will only be reached if there are security guarantees against future attacks, a definitive end to the war, Israel withdraws from Lebanon, and the US lifts all sanctions.

Tehran also proposed to reopen the Strait of Hormuz in exchange for these concessions. Iran wants a transit fee of $2 million per ship, with the revenue shared with Oman. This income would go towards reconstruction and thus not be seen as formal war damages.

With these two steps, Tehran shows that it wants to negotiate from a strong position, while President Trump's deadline for reopening the Strait of Hormuz at 8 PM (ET) Tuesday approaches.

"Iran has clearly and openly won the war and only accepts an end that confirms its victory and establishes a new security system in the region. The true situation is: it is Trump who now has about 20 hours to surrender to Iran, or else his allies will return to the Stone Age. We will not concede!" posted Mahdi Mohammadi, strategic advisor to Iranian parliamentary speaker Mohammad Bagher Ghalibaf.

Polymarket traders estimate the chance of a ceasefire between the US and Iran in the short term to be very low. The prediction platform estimates that chance at only 3% that this will happen before April 7.

The impact on the market is clearly visible. The Bitcoin price (BTC) fell about 2% to around $68,500 in the early hours of Tuesday. At the same time, Brent oil rose more than 1% to above $111. Gold fell 0.54% and silver dropped 1.1%.

The American stock indices, however, remained relatively strong, with the Nasdaq Composite, Dow Jones Industrial Average, and Russell 2000 all posting modest gains.

Whether Tehran's strategy leads to a diplomatic breakthrough or the infrastructure attacks that Trump has promised will likely become clear within a few hours.

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