Writing in Foreign Affairs, Zarif said Iran should offer to limit its nuclear program and reopen the Strait of Hormuz in exchange for a comprehensive lifting of U.S. sanctions, a proposal he said Washington had previously rejected but might now consider under changed circumstances.

The remarks come as the United States has put forward a 15-point ceasefire framework that includes restoring maritime access through the Strait of Hormuz, though there has been no indication of progress in negotiations.

Zarif, who played a central role in negotiating the 2015 nuclear agreement, no longer holds an official government position but remains an influential figure. Analysts note that such proposals are unlikely to be published without at least informal alignment with senior leadership in Tehran.

Iranian officials have repeatedly pointed to past instances in which negotiations with Washington coincided with military action, including the current conflict, as a source of distrust.

Zarif also criticized previous U.S. negotiating representatives, including Jared Kushner, questioning their expertise in geopolitics and nuclear policy.

The proposal underscores tentative signals of diplomatic maneuvering amid ongoing hostilities, even as military exchanges and tensions in the region continue.

In a post on Truth Social, Trump said Iranian negotiators were “begging for a deal,” dismissing Tehran’s public stance as inaccurate. Araghchi, speaking on state television, said there had been no direct dialogue with Washington, adding that exchanges via intermediaries did not constitute negotiations.

He said Iran was conveying its positions and warnings through friendly countries.The divergence in messaging comes as military operations continue. U.S. and Israeli forces have conducted extensive strikes on Iranian targets since late February, while Iran has launched retaliatory attacks on Israel, U.S. bases, and Gulf states.

A U.S. Central Command briefing said more than 10,000 targets had been struck, with significant degradation of Iran’s naval, missile, and drone capabilities.

The conflict has disrupted global energy flows, particularly through the Strait of Hormuz, a key transit route for oil and liquefied natural gas. Its effective closure has triggered what officials describe as a severe energy shock, driving up fuel prices and straining supply chains across industries from aviation to agriculture.

Sultan Al Jaber, chief executive of ADNOC, described restrictions on Hormuz as “economic terrorism,” warning of global consequences. Governments are considering intervention measures similar to those deployed during the COVID-19 pandemic, as businesses face rising costs and weakening demand.

The World Food Programme has warned that prolonged disruption could push tens of millions into acute hunger, with farmers and fisheries already facing fuel shortages.

A 15-point U.S. proposal, conveyed to Iran through Pakistan, includes reopening the Strait of Hormuz, curbing Iran’s nuclear and missile programs, and halting support for regional allies, according to Israeli sources familiar with the plan.

The White House has not publicly detailed the proposal.Israeli officials expressed skepticism that Tehran would accept the terms and voiced concern that U.S. negotiators could offer concessions.

Iran, according to regional sources, has insisted that Lebanon be included in any ceasefire framework involving Washington and Israel.

Financial markets reflected fading optimism over a near-term resolution. Global equities weakened on Thursday while oil prices resumed their upward trajectory. Analysts cited diminishing expectations of a ceasefire as a key driver of volatility.

The Pentagon is preparing to deploy additional airborne troops to the Gulf, supplementing Marine units already en route, according to sources. The buildup is intended to expand military options as the conflict risks widening.

United Nations Secretary-General Antonio Guterres warned that the situation could escalate further, urging a shift from military confrontation to diplomacy.

The benchmark Nifty 50 climbed 1.6% to 23,277.50, while the BSE Sensex gained 1.53% to 75,212.07 as of 9:50 a.m. IST, putting markets on track for a second straight day of advances.

Market sentiment improved after reports that Washington has proposed a month-long ceasefire and presented Tehran with a 15-point framework aimed at de-escalating the conflict.

The development raised expectations of reduced geopolitical risk, particularly around global energy supply disruptions.The conflict has unsettled financial markets in recent weeks, with concerns over oil supply routes and inflationary pressures weighing on investor confidence.

Markets track global cuesIndian equities, which are sensitive to global risk sentiment and crude price movements, reacted positively to signs of potential diplomatic progress.

A de-escalation could help stabilise energy prices, a key factor for India as a major oil importer.

Gains in domestic markets reflect broader optimism that easing tensions may reduce volatility across emerging markets, which have been under pressure amid the ongoing conflict.

Trump told reporters at the White House that U.S. officials were engaged with “the right people” in Iran and suggested Tehran was eager to reach an agreement.

A source familiar with the matter confirmed that Washington had transmitted a multi-point proposal aimed at halting the conflict, now in its fourth week following U.S. and Israeli strikes launched on February 28.Iranian authorities denied that direct negotiations were underway.

Parliament Speaker Mohammad Baqer Qalibaf dismissed reports of talks as “fake news,” underscoring persistent gaps between public positions and diplomatic signals.

According to media reports cited by regional outlets, the U.S. proposal includes provisions for dismantling Iran’s nuclear program, ending support for proxy groups, and reopening the Strait of Hormuz. A month-long ceasefire has also been discussed to facilitate negotiations, though no official confirmation of those terms has been issued by Washington.

Trump said Iran had made a “valuable concession” linked to non-nuclear energy and maritime transit through the Strait of Hormuz, a critical chokepoint through which roughly 20% of global oil supply typically flows. He did not provide details.

Iran informed the United Nations Security Council and the International Maritime Organization that non-hostile vessels could transit the strait if coordinated with Iranian authorities, according to a note seen by Reuters. The waterway has effectively been shut since the outbreak of hostilities, triggering a sharp global energy supply disruption.

Despite diplomatic signals, military activity has continued on all sides. Two sources said the United States is preparing to deploy thousands of troops from the Army’s 82nd Airborne Division to the Middle East, adding to approximately 50,000 U.S. personnel already stationed in the region.

The deployment would accelerate a broader military buildup, heightening concerns among analysts and regional actors that the conflict could become prolonged even as negotiations proceed.

Pakistan’s Prime Minister Shehbaz Sharif said his government was willing to host talks between Washington and Tehran, expressing support for dialogue aimed at achieving a comprehensive settlement.

A Pakistani government source said discussions about a potential meeting were at an advanced stage, though no agreement had been finalized.Pakistan maintains longstanding ties with Iran and has recently strengthened engagement with the United States, positioning itself as a potential intermediary.

The latest developments come a day after Trump delayed threatened strikes on Iranian power infrastructure, citing “productive” discussions, while Oman, which has acted as a mediator, previously indicated that progress had been made in earlier negotiations before the outbreak of conflict.