US-Iran War LIVE: Iran has ‘not yet paid a big enough price’, says Trump over Tehran’s 14-point proposal to end war

US President Donald Trump said Saturday he will review a new Iranian peace proposal, but cast doubt over its prospects as he left open the possibility of future attacks on Iran.

Negotiations between the two countries have been deadlocked since a ceasefire came into effect on April 8, with one round of peace talks to end the more than two-month war having failed in Pakistan.

The dour outlook came after Iran’s Tasnim and Fars news agencies reported Tehran submitted a 14-point proposal to mediator Islamabad. Details included ending the conflict on all fronts and enacting a new framework for the crucial Strait of Hormuz, Tasnim said.

“I will soon be reviewing the plan that Iran has just sent to us, but can’t imagine that it would be acceptable in that they have not yet paid a big enough price for what they have done to Humanity, and the World, over the last 47 years,” Trump said on his Truth Social platform.

In a brief interview with reporters in West Palm Beach, Florida, he declined to specify what could trigger new military action against the Islamic republic.

“If they misbehave, if they do something bad, but right now, we’ll see,” he said. “But it’s a possibility that could happen, certainly.”

— Inputs from AFP

Stock markets are likely to be guided this week by the outcome of state elections and high crude oil prices amid the West Asia conflict, say analysts.

The developments related to the West Asia conflict and the Strait of Hormuz will also be tracked by investors, they said.

Counting of votes for the five assembly elections in West Bengal, Tamil Nadu, Kerala, Assam, and Puducherry will begin on Monday, May 4.

“With Brent prices sustaining elevated levels amid ongoing tensions around the Strait of Hormuz, inflation risks remain pronounced. For an import-dependent economy like India, persistently high crude prices exert pressure on the rupee-currently near record lows-and weigh on corporate margins as well as fiscal dynamics,” Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.

“Markets in the week ahead are likely to remain volatile and heavily news-driven. Key attention will remain on the evolving US–Iran dynamic-particularly whether the ceasefire holds, the progress of diplomatic talks, and any developments related to the Strait of Hormuz,” Ponmudi R, CEO – Enrich Money, an online trading and wealth tech firm, said.

— With inputs from PTI

An Iranian tanker carrying oil worth USD 220 million successfully bypassed the US naval blockade to reach the Asia-Pacific. While Tehran claims over 50 ships have breached the restrictions, Washington maintains the blockade is effectively draining Iran’s revenue and forcing a halt to domestic oil production.

— Inputs from ANI

Seven OPEC members are meeting Sunday to make their first decision on oil-production quotas since the United Arab Emirates’ departure from the cartel, which added to the soaring price pressure unleashed by the Mideast war.

The UAE, one of the world’s top producers, announced April 28 it was withdrawing from the Organization of the Petroleum Exporting Countries (OPEC) and the expanded OPEC group, after chafing at their production quotas. The withdrawal took effect on Friday.

Neither group has reacted publicly so far — meaning there will be intense focus on the tone of the statement at the end of Sunday’s online meeting by Algeria, Iraq, Kazakhstan, Kuwait, Oman, Russia and Saudi Arabia.

— Inputs from AFP

Iran said Saturday that it is up to the United States whether to pursue a negotiated settlement or to return to open war, and Tehran stands ready for either.

“Now the ball is in the United States’ court to choose the path of diplomacy or the continuation of a confrontational approach,” deputy foreign minister Kazem Gharibabadi told diplomats in Tehran, according to state broadcaster IRIB.

“Iran, with the aim of securing its national interests and security, is prepared for both paths,” he said.

— Inputs from AFP

An Iranian proposal so far rejected by U.S. President Donald Trump would open shipping in the Strait of Hormuz and end the U.S. blockade of Iran while leaving talks on Iran’s nuclear programme for later, a senior Iranian official said on Saturday.

Four weeks since the United States and Israel suspended their bombing campaign against Iran, no deal has been reached to end a war that has caused the biggest disruption ever to global energy supplies.

— Inputs from Reuters

President Donald Trump said on Saturday that he was reviewing a new Iranian proposal to end the war but also expressed skepticism it would lead to a deal.

“I’ll let you know about it later,” he said before boarding Air Force One, adding that “they’re going to give me the exact wording now.”

Shortly after speaking to reporters, Trump posted on social media about the new proposal, saying he “can’t imagine that it would be acceptable in that they have not yet paid a big enough price for what they have done to Humanity, and the World, over the last 47 years.”

— Inputs from AP