(Bloomberg) — Iran said it rejected a US ceasefire proposal and maintained attacks on Israel and Gulf Arab states, delivering a blow to Washington’s efforts to end a war that’s wreaked havoc across the Middle East and global markets.
A move by US President Donald Trump to start indirect talks is illogical and not viable at this stage of the conflict, Iran’s semi-official Fars news agency reported on Wednesday, citing informed sources it didn’t identify.
Iran is focused on achieving its objectives and only if those are met will an end to the war — not a ceasefire — be possible, Fars added.
The US has compiled a 15-point peace proposal, which Pakistan delivered to the Islamic Republic, according to people familiar with the matter, highlighting urgency within Trump’s administration to resolve a conflict it started alongside Israel almost a month ago.
Brent crude prices rose to near $100 a barrel after the Fars report, as hopes faded of a quick resolution to the conflict. Iran has effectively shuttered the Strait of Hormuz, a conduit for about a fifth of the world’s oil and liquefied natural gas, triggering a global supply shock. That’s sparked fears of an inflation crisis and worldwide food shortages.
Iran maintained its missile and drone strikes on Wednesday, and shows little sign of backing down in the face of a relentless Israeli and US bombardment. Iranian media said the country fired more missiles at Israel, while Saudi Arabia intercepted a drone in the east of the country. A strike targeting Kuwait set ablaze a fuel tank at its main airport.
The US proposal covers a rollback of Iran’s nuclear program — including a resumption of monitoring by the International Atomic Energy Agency — limits on missiles and access for shipping through the Strait of Hormuz, the Associated Press reported. Iran would get relief from stringent economic sanctions.
Trump has publicly signaled any peace agreement would have to include a prohibition on Iran ever obtaining a nuclear weapon or enriching radioactive material for civilian purposes. He’s repeatedly said this week that Iran wants to “make a deal.”
The US leader has said he hopes to reach an agreement by Friday. That may be difficult given the wide gaps that remain between the sides, even if talks get officially underway. It’s unclear who the US would negotiate with, given a lack of clarity about Iran’s power structure following the killing of Supreme Leader Ali Khamenei on the first day of the conflict. Several other leading government and military officials have also been killed.
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