The Islamic Republic\u2019s plan, submitted this week, would reportedly see it lift its chokehold on the strait and have Washington end its retaliatory blockade on the country\u2019s ports as talks continued, while delaying negotiations on Tehran\u2019s nuclear program to a later stage.<\/p>\n
While US Secretary of State Marco Rubio said Iran\u2019s proposal was \u201cbetter than what we thought they were going to submit,\u201d he rejected shelving the nuclear issue and insisted any eventual deal had to be \u201cone that definitively prevents them from sprinting towards a nuclear weapon<\/a>.\u201d<\/p>\n Iranian Defense Ministry spokesman Reza Talaei-Nik said Washington \u201cmust abandon its illegal and irrational demands,\u201d adding that the United States was \u201cno longer in a position to dictate its policy to independent nations.\u201d<\/p>\n \n\t\t\tGet The Times of Israel’s Daily Edition \t\t\t\tBy signing up, you agree to the terms<\/a><\/p>\n Qatar warned of a \u201cfrozen conflict\u201d if a definitive resolution is not found.<\/p>\n \t Iran\u2019s blockade of the strait<\/a> began soon after the US and Israel launched their war with Iran on February 28 in a bid to destabilize Iran\u2019s regime and destroy its ballistic missile and nuclear programs, causing a sharp rise in energy prices worldwide.<\/p>\n Concerns about the stalled talks have pushed crude prices higher for more than a week, with Trump\u2019s decision to cancel his envoys\u2019 trip to negotiations in Pakistan last weekend adding to the downbeat mood.<\/p>\n Brent is above the level it hit before the two sides announced a ceasefire at the start of April, while West Texas Intermediate broke $100 Tuesday for the first time in two weeks.<\/p>\n Both contracts continued to rise Wednesday, with Brent holding above $113 and WTI above $101.<\/p>\n \t \u201cIran wants the blockade lifted and access to its flows restored,\u201d wrote Stephen Innes at SPI Asset Management.<\/p>\n \u201cWashington holds that lever and is in no hurry to give it away without extracting value.\u201d<\/p>\n \u201cMeanwhile, the longer this drags on, the more second-order effects start to bite. Storage pressure builds, production risks emerge, and the system begins to strain in ways that futures prices cannot ignore,\u201d he added.<\/p>\n There was little major reaction to news that key producer the United Arab Emirates had decided to withdraw from the OPEC<\/a> and OPEC+ oil cartels on Friday, calling it a strategic decision.<\/p>\n \t Still, CNN also cited sources familiar with the mediation as saying the two sides were not as far apart as they seemed.<\/p>\n It added that intense diplomacy continued and talks were focused on a staged process, with the first part of a potential deal aimed at returning to the pre-war status and reopening the strait.<\/p>\n Iran\u2019s nuclear program would be dealt with down the line, it said.<\/p>\n Despite the uncertainty, Asian equity markets mostly rose with Hong Kong up more than one percent, while Shanghai, Seoul, Wellington, Manila, Bangkok, Mumbai and Jakarta also advanced.<\/p>\n Sydney, Singapore and Taipei fell along with London, Paris and Frankfurt.<\/p>\n Tokyo was closed for a holiday.<\/p>\n Traders were given a weak lead from Wall Street, where the Nasdaq led losses owing to a tech selloff that came on the back of a report in The Wall Street Journal that ChatGPT-maker OpenAI had missed targets on the number of users and revenue.<\/p>\n The news came as markets gear up for the release of earnings from Wall Street titans Amazon, Google, Meta and Microsoft this week.<\/p>\n The Federal Reserve will also conclude a two-day meeting later in the day, with investors keeping tabs on its outlook for inflation and interest rates as energy costs soar.<\/p>\n
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\n\t\tPresident Donald Trump talks with Secretary of State Marco Rubio at UFC 327 at Kaseya Center, Saturday, April 11, 2026, in Miami. (AP Photo\/Julia Demaree Nikhinson, Pool)<\/p>\n![\"\"](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/04\/AP26108447222186-e1776849431742-640x400.jpg\")
\n\t\tA tanker sits anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, April 18, 2026. (AP Photo\/Asghar Besharati)<\/p>\n![\"\"](\"https:\/\/www.europesays.com\/iran\/wp-content\/uploads\/2026\/04\/AP24113506301091-e1777381826910-640x400.jpg\")
\n\t\tUnited Arab Emirates Energy Minister Suhail Mohamed Al Mazrouei attends the signing of a four-way memorandum of understanding between Iraq, Turkey, Qatar and the UAE to cooperate in the Development Road project, in Baghdad, Iraq, April 22, 2024. (Thaier Al-Sudani\/Pool Photo via AP)<\/p>\n
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