Iran ready to end war but on one condition: Key takeaways from Pezeshkian's remarks

Middle East Conflict Update: Iranian President Masoud Pezeshkian said on Tuesday that his country is ready to end the conflict but only in exchange for formal security guarantees protecting it from further attacks. His remarks triggered oil prices to fall more than two per cent as analysts pinned hopes on an earlier end to the Middle East conflict -- now in its second month -- than earlier anticipated.

Crude oil cools after Masoud Pezeshkian's remark that Iran stands ready to end war conditionally

At around 11:30 pm India time, Brent crude -- a global benchmark of oil rates -- was trading down by $2.6 or 2.4 per cent at $104.8 per barrel, though not far from a nearly four-year high of $119.5 a barrel hit in mid-March.

Brent traded within a range of $102.8-110 a barrel during the session so far.

US-Israel-Iran War | What Iranian president said in West Asia conflict

Pezeshkian was quoted as saying by Tehran's state media that the solution is an end to aggression.

"Iran seeks no war but is prepared to end it with guarantees against further attacks," he reportedly said.

Separately, he reportedly told European Council president Antonio Costa on a phone call that Iran has engaged in "good-faith talks with the US" but "only to be illegally attacked mid-negotiation".

He also accused the US of rejecting diplomacy, according to the state TV.

What Donald Trump said earlier today

Pezeshkian's remarks came hours after US President Donald Trump took to social media to ask countries facing any oil shortages, including the UK and France, to go to the Strait of Hormuz and "just take" oil from there if they can, criticising them once again for not supporting the US in the Middle East conflict.

He also said that they can either try to access oil through the Strait of Hormuz route or to purchase it from the US instead.

Trump cricitised the UK for choosing not to join the US in the West Asia conflict, which began with joint US-Israel strikes against Tehran on February that killed Iran's Supreme Leader Ali Khamenei and triggered Tehran's retaliatory action against several countries in the region.

What did Trump's remark mean?

Trump's latest remarks echoed his view that NATO members should extend their military support to the US for future cooperation. He has already warned them of a "very bad" future for not helping American in reopening the strait.

The Strait of Hormuz is a maritime region that links the Persian Gulf with the Gulf of Oman and ultimately with the Arabian Sea. Normally, this route allows the passage of one-fifth of the world's oil and gas supplies. However, Iran's military action in the Middle East -- its attacks against several countries in the region, especially those hosting American military bases -- has left the strait effectively blocked, forcing oil trade-dependent countries, like India, to explore other routes for purchasing oil and gas. India has already ramped up its domestic production and assured its people of smooth supplies, having diversified its imports.

How Brent has moved during the West Asia conflict so far

In mid-March, Brent hit the highest level recorded since June 2022, data shows.

Direct and indirect negotiations on with Iran: Trump

This week, Trump said that direct and indirect negotiations with Iran were on and that a deal could be reached soon. "They've heard our peace agenda and we've given ours too -- a 15-point proposal... They want an agreement, which is why they've given 20 boats as a token gesture," he said on Monday, referring to a 15-point plan proposed by the US most of which he claimed Iran had accepted.

The Trump 2.0 administration announced last week a pause in planned strikes against Iran's energy infrastructure, claiming that it is at Tehran's request. The 10-day pause followed a five-day pause announced earlier.

The role of Strait of Hormuz in energy pricing

The Strait of Hormuz has been at the heart of tensions in the Middle East tensions for decades.

The war has raised concerns about how disruptive a conflict in the region could be for the global oil trade, with many countries including India forced to establish alternative routes of supplies.

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Here are answers to frequently asked questions (FAQs) on the subject:

What has Iran said about the Middle East conflict?

Iranian President Masoud Pezeshkian has said that his country is ready to end the conflict on the condition that formal security guarantees are provided against future attacks.

Why are crude oil rates easing?

Analysts are pinning hopes on de-escalation, pushing Brent crude down over 2 per cent.

Has Iran confirmed having engaged in talks with the US?

Iran has claimed it has engaged in what it describes as “good-faith” talks with the US. However, the Iranian president has also accused the US of attacking it in the middle of negotiations.