On Day 27 of the US–Israel–Iran conflict, Thursday, March 26, diplomacy and military developments appear to be moving in opposite directions. Iran has turned down a 15-point ceasefire proposal from the United States, and instead outlined five counter-conditions — including control over the Strait of Hormuz and compensation for war damages.
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Iran on Wednesday rejected a U.S. proposal to pause the Middle East conflict and instead put forward its own counteroffer, while continuing attacks on Israel and Gulf Arab nations. According to two Pakistani officials, the 15-point American plan included measures such as easing sanctions, scaling back Iran’s nuclear programme, imposing limits on its missile capabilities, and reopening the Strait of Hormuz, a key route for global oil shipments, AP reported. In response, Iran outlined its own proposal on state television, calling for an end to the targeting of its officials, guarantees against future attacks, compensation for war damages, a cessation of hostilities, and recognition of its sovereignty over the Strait of Hormuz, AP reported. Crude oil prices dropped back on hopes of de-escalation after US President Donald Trump voiced optimism about ending the nearly month-old war and Iran indicated ships from countries not party to the conflict could pass through the Strait of Hormuz. International crude oil prices have eased slightly but continue to remain high, hovering around $100 per barrel. Brent Crude is trading between $95.56 and $103.18 per barrel, showing some cooling after recent diplomatic developments. WTI Crude is priced between $90.83 and $91.29 per barrel and has fallen by over 10% from its recent peak. Gold prices in the international markets traded higher on Thursday, extending gains to a third straight session, amid hopes of de-escalation in the US-Iran war in the Middle East, and trimming bets of a US Federal Reserve rate hike this year. Spot gold price rose 0.7% to $4,535.17 per ounce, while US gold futures for April delivery declined 0.5% to $4,532.20. Spot silver price rose 0.6% to $71.71 per ounce.
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