"Iran's foreign minister, Abbas Araghchi, called U.S. claims of productive negotiations fake news, labeling the proposal as one-sided and maximalist. Iranian officials stated that Iran would end the war on its own terms."
"The U.S. plan included a 30-day ceasefire, sanctions relief, and enhanced IAEA monitoring, but Iran countered with demands for a complete halt to U.S. and Israeli strikes and verified mechanisms against resumed hostilities."
"Brent crude prices fell roughly 11% from a peak of $112 as markets reacted to the proposal, but the rejection by Iran reversed those gains, with prices trading near $104-$106."
"The Strait of Hormuz has been effectively closed to normal traffic since March 2, with shipping volume dropping more than 95%, leading to significant disruptions in global oil supply."
Iran's foreign minister dismissed the U.S. negotiation plan as one-sided, while Iranian state media rejected it outright. The U.S. proposal included a ceasefire and sanctions relief, but Iran countered with five demands, including a halt to strikes and reparations. Brent crude prices fell initially but reversed gains after Iran's rejection. The Strait of Hormuz has seen a significant drop in shipping volume due to threats from Iranian forces, impacting global oil supply. The conflict began in February 2026 with U.S. and Israeli strikes on Iranian targets, leading to a spike in oil prices.
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