Iran Considers US Proposal as Trump Says War Will Be 'Over Quickly'
Tehran says it is studying a wide-ranging proposal handed over by the White House last week. President Donald Trump told reporters the US-Iran war would be "over quickly". Oil markets first rallied on the diplomatic moves, then drifted lower in volatile trade.
Iranian Foreign Minister Abbas Araghchi said Tehran was studying the framework handed over by Washington. The ministry said the proposal includes verification of the nuclear programme, security arrangements in the Strait of Hormuz and a phased lifting of sanctions.
Mr Trump told reporters at the White House: "You'll see this war ending quickly, I'm sure of it." The Pentagon said the US Fifth Fleet, based in Bahrain, had not lowered its alert level.
News of the continued diplomatic contacts offered temporary relief to markets that had been jolted by last week's exchange of fire between Iran and the US in the Strait of Hormuz. Brent crude eased to about $78.40 a barrel during the session; gold traded sideways.
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