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.

Speaking to reporters, Hegseth did not confirm a precise figure but acknowledged the scale of spending, saying “it takes money to kill bad guys” and adding that funding requests to Congress could evolve as the war continues. The campaign, launched on February 28 alongside Israel after failed nuclear negotiations, remains ongoing with no official total cost disclosed.

Pentagon officials have indicated that the first six days of the war alone cost approximately $11.3 billion, according to figures cited to lawmakers. Analysts say that estimate aligns with the intensity of operations conducted during the initial phase.

Daniel Schneiderman, director of global policy programs at Penn Washington, said the scale of deployment including extensive air sorties, precision strikes and naval operations would inevitably result in high costs.

“The amount of precision munitions and interceptors used, the number of air sorties, fuel expended, and cost of operating carrier strike groups all point to a very large bill,” he said.

Much of the expenditure stems from the use of high-end military systems, including cruise missiles, air-dropped bombs and missile defense platforms such as the THAAD. These systems, alongside the logistical infrastructure required to sustain them, represent some of the most expensive elements of modern warfare.

Operational costs also include aircraft maintenance, fuel consumption, and the deployment of carrier strike groups, as well as the personnel required to operate complex systems in sustained combat conditions.

Hegseth indicated that the administration would seek additional funding from Congress to replenish munitions and sustain military readiness, suggesting the conflict could extend beyond initial expectations.

U.S. President Donald Trump also referenced the funding request, describing it as necessary in a “very volatile world” and emphasizing the importance of maintaining large stockpiles of ammunition.

The scale of the proposed funding underscores concerns within Washington about both the duration and intensity of the conflict, as well as broader global security risks.

Beyond direct military spending, the war has triggered wider economic consequences, particularly in global energy markets. Oil prices surged after Iran disrupted shipping through the Strait of Hormuz, a critical route for global crude supplies.

The resulting volatility has added indirect costs to the global economy, compounding the financial burden of the war and raising concerns among policymakers about long-term economic stability.