Iran kept up missiles and drone attacks on Arab Gulf states and Israel overnight, after the US floated a proposal to end a war that\u2019s wreaked havoc across the Middle East and in global markets.<\/p>\n
Saudi Arabia intercepted a drone in the east of the country, while a strike targeting Kuwait set ablaze a fuel tank at its main airport. Iranian media said more missiles were fired at Israel. There were no reports of casualties in any of the incidents.<\/p>\n
The US sent Iran a 15-point plan, which Pakistan delivered, according to people familiar with the matter, highlighting the urgency within the Trump administration to resolve the conflict it started as the economic toll mounts. The details remain unclear, though Trump has publicly signaled that any peace agreement would have to include a prohibition on Iran ever obtaining a nuclear weapon or enriching radioactive material for civilian purposes.<\/p>\n
Iran has yet to comment on the proposal. US President Donald Trump, when he first announced talks with the Islamic Republic on Monday, implied he hoped to get an agreement by Friday. That may be difficult given the wide gaps that remain between the sides, with several Iranian officials saying the country isn\u2019t ready to negotiate and that Trump is merely trying to calm markets and push down oil prices.<\/p>\n
Trump\u2019s efforts have been clouded by uncertainty over the structure of negotiations and the identify of Iranian officials the US is dealing with. There\u2019s also little clarity over whether Iran will immediately allow commercial ships safe passage through the Strait of Hormuz, as well as Israel\u2019s intentions.<\/p>\n
Still, oil fell about 4% on Wednesday, with Brent trading at just under $100 a barrel by 7:20 a.m. in London. The benchmark has dropped from its close last week of $112 barrel, reflecting optimism among some traders that the warring sides can clinch a deal.<\/p>\n
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The New York Times first reported on the existence of the 15-point document. The White House didn\u2019t immediately respond to a request for comment late Tuesday night.<\/p>\n
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It is unclear if Israel, which triggered the war alongside the US with strikes on Iran on Feb. 28, has signed off on Trump\u2019s overtures. Israeli officials have said they\u2019ll continue striking Iran for now.<\/p>\n
Israeli Prime Minister Benjamin Netanyahu has asked close confidant Ron Dermer to monitor the US-Iranian negotiations and make sure the Jewish state\u2019s interests are upheld. The appointment signals how seriously Netanyahu views the talks and how his government is wary of the US opting for a deal that undermines Israel\u2019s security.<\/p>\n
Tehran, meanwhile, is signaling little willingness to compromise, at least in public. On Wednesday, Iran\u2019s armed forces added to a stream of messaging that ruled out ceasefire talks with the Trump administration.<\/p>\n
\u201cThe level of your internal conflicts has reached the point where you are negotiating with yourselves,\u201d the statement said, according to state-run IRIB News. It added that Iran wouldn\u2019t allow oil and energy prices to return to their previous levels until all threats against the country are fully removed.<\/p>\n
Iran has previously demanded reparations and pledges from the US and Israel that they won\u2019t attack the Islamic Republic again as conditions for ending the current conflict.<\/p>\n
Gulf states such as Saudi Arabia and the United Arab Emirates are considering joining the US-Israeli war against Tehran, according to several people with knowledge of the situation. But they would only join if the Islamic Republic makes good on its threats to attack vital power and water infrastructure \u2014 a high threshold, the people said.<\/p>\n
Steve Witkoff and Jared Kushner, two of Trump\u2019s special envoys, as well as Secretary of State Marco Rubio, have been involved in the negotiations with Iran, according to the president. Pakistan has offered itself as a mediator.<\/p>\n
Despite the talks, Trump has ordered thousands of troops to the Middle East as he weighs options for ending Iran\u2019s stranglehold on the Strait of Hormuz, a crucial shipping corridor for oil, natural gas, metals and other commodities.<\/p>\n
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The president boasted Tuesday that the US is in \u201ca good bargaining position\u201d after weeks of strikes that he says have taken out Iranian missiles, launchers and ships.<\/p>\n
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<\/p>\nFuel prices in San Francisco. Photographer: David Paul Morris\/Bloomberg<\/p>\n<\/div>\n
Yet, in the US, Asia and around the world, the conflict has led to surging fuel and fertilizer prices, with commercial tankers avoiding crossing the strait and Iranian attacks damaging energy infrastructure.<\/p>\n
Iran\u2019s growing control over Hormuz has been emphasized by it starting to charge transit fees for some commercial vessels. Payments of as much as $2 million per voyage are being sought on an ad hoc basis, effectively creating an informal toll on the waterway, according to people familiar with the matter.<\/p>\n
Trump administration officials have stressed that higher costs sparked by the war will be temporary.<\/p>\n
Beyond the economic concerns, protracted fighting is frustrating US allies and inflaming geopolitical tensions. Before Trump ordered a five-day reprieve on threats to bomb Iran\u2019s energy infrastructure, some nations were telling the US that the war was becoming a disaster.<\/p>\n
More than 4 300 people have been killed in the conflict, according to governments and non-government agencies. Around three-quarters of the fatalities have been in Iran, while more than 1,000 people have died in Lebanon, where Israel is fighting a parallel war against Iran-backed Hezbollah militants. Dozens have been killed in Israel and Arab Gulf states.<\/p>\n
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