Market Report.
🤝 The U.S. and Iran appear to be engaged in high-level negotiations to try and reach a ceasefire and broader agreement to resolve the ongoing conflict, if we still believe in Trump’s word, though significant gaps remain between the two sides’ demands and positions.
📰 Reuters notes that Iran denied direct talks and dismissed some of the U.S. claims as “fake news.”
📅 On March 24-25, 2026, the U.S. reportedly sent Iran a 15-point proposal and sought a one-month ceasefire to discuss it, according to reports from Reuters and the Associated Press.
📄 The U.S. proposal reportedly centers on Iran ending uranium enrichment, dismantling or taking out of service key nuclear facilities, limiting missile production, ending support for regional proxy groups, and keeping the Strait of Hormuz open.
💵 In exchange, the U.S. is reportedly offering sanctions relief, support for civilian nuclear energy, and removal of the UN “snapback” mechanism.
🎁 Trump told the press that he had received a large gift from Iran, although He did not detail what it meant, it could refer to tactical concessions or workarounds related to Hormuz access, which have become a central part of the negotiations
🇮🇷 Iran’s reported counter-position is that any truce must begin with an immediate ceasefire, an end to airstrikes and covert operations, recognition of Iranian sovereignty, no regime-change efforts, the right to nuclear power and missiles, influence over the Hormuz Strait, reparations for war damage, and binding guarantees against future attacks.
🗣️ Meanwhile, officials of the Iranian regime continue to declare to the media negative about talks with the US Yesterday, in India First: “This was a betrayal of diplomacy. We were attacked two times within a span of nine months when we were in the middle of a negotiating process to resolve the nuclear issue,” said Iran’s Foreign Ministry spokesperson, Esmaeil Baghaei. “So no one can trust U.S. diplomacy,” he concluded.
📢 Saeed Jalili, a hardline Iranian politician, diplomat, and former chief nuclear negotiator said on X: “The one who once spoke of regime change and the fragmentation of Iran now hopes that someone in Iran will engage in dialogue with him; though this, too, is merely an attempt at deception.”
📡 According to Reuters, Iran’s official news agency quoted an armed forces spokesperson saying the U.S. is “negotiating with itself”.
🎙️ When former U.S. Secretary of State Antony Blinken was asked if he believed Netanyahu’s prediction that, as soon as Iran’s leader was assassinated, the people would rise up, Blinken replied: “The regime in Iran will be there until it’s not. No one knows. It could go tomorrow. It could go in five years.”
🛢️ And as we mentioned in previous reports about the conflict, business is still moving, countries are looking for new ties or to resume old ones. India has purchased 60 million barrels of Russian oil for April delivery, Bloomberg reports.
⚡ German Energy Minister Katherina Reiche criticized the country’s decision to phase out nuclear power, calling it a major mistake and emphasizing that Germany now feels the loss of that energy source. In a statement shared by Clash Report: “The phase-out of nuclear power was a huge mistake. We miss this energy. The only way to ensure energy supply is GAS!”
❓ Negotiate while displacing more military forces in the region?
🪖 The U.S. is undertaking a substantial military buildup in the Middle East, but the goal appears to be leveraging this force to extract concessions from Iran at the negotiating table, rather than launching a full-scale ground invasion at this stage.
📍 According to the reports, the U.S. is undertaking a broader military buildup in the Middle East as part of its strategy to create leverage for potential talks over the ongoing conflict with Iran.
🚢 By March 20-24, the U.S. was reportedly deploying additional Marines, sailors, and potentially around 2,000-4,000 soldiers from the 82nd Airborne to the region.
🚧 A core part of the U.S. strategy appears to be securing shipping through the critical Strait of Hormuz, which the U.S. was considering how to better protect amid the tensions. While President Trump publicly downplayed the scale of any immediate troop commitments, the Pentagon was actively planning for larger contingencies as part of this coercive diplomacy approach.
🚢 A Pentagon report has identified significant shortcomings in the USS Gerald R. Ford, extending beyond the previously reported laundry room fire and casting doubt on the aircraft carrier’s capacity to function effectively under enemy attack, according to Bloomberg. The lead ship, USS Gerald R. Ford, cost about $13.3 billion to build, making it the most expensive warship ever built.
🇮🇶 According to Al Jazeera, The Iraqi Armed Forces and the Iraqi Council of National Security have granted the Popular Mobilization Forces full authority to respond to and retaliate against any U.S. or Israeli strikes, effectively signaling approval for the group to formally enter the conflict.
🌍 The world economy could be starting to feel the effects of conflict:
📉 The OECD has cited a “significant level of downside risk” for the global economy due to the Iran war, though the full impact is still difficult to quantify at this stage.
🇪🇺 In the Eurozone, private sector growth has all but stalled this month, with companies signaling increased delivery times and expectations of rising costs that they will try to pass on.
🇺🇸 Similar trends were seen in the U.S., UK, and Japan, with business confidence dropping and private sector growth slowing amid the energy price shock.
⚠️ A real risk of “stagflation” – a painful combination of stagnation and rising prices – as the conflict disrupts energy supplies and supply chains, exist.
🏦 Deutsche Bank also believes that this war puts the petro-dollar, the basis of the current monetary system since World War II, at risk.
📊 According to the Deutsche Bank analysis highlighted by ZeroHedge, the ongoing U.S./Israel-Iran conflict could accelerate the erosion of the petrodollar system and pose a “perfect storm” threat to the foundation of the U.S. dollar’s global dominance.
💱 Even before the latest escalation, there were pre-existing pressures on the petrodollar, such as more Middle East oil flowing to Asia (especially China), sanctioned Russian/Iranian oil trading outside the dollar system, and Saudi Arabia experimenting with non-dollar payment systems.
🛢️ There are reports that Iran may only allow oil shipments through the Strait of Hormuz if paid in Chinese yuan, potentially catalyzing a “petroyuan” shift. This could force Gulf states to liquidate their dollar assets to cover war-related economic damage, reducing global dollar demand in trade and savings.
💲 While the dollar is currently benefiting from higher oil prices and safe-haven flows, the analysts see longer-term risks if the cracks in the petrodollar system continue to widen, with “significant downstream effects.”
Market View.
⚖️ Markets remain on edge, with limited confidence in President Trump’s remarks.
📈 E‑mini S&P 500 futures are holding around the 6,650 level, while Nasdaq 100 futures are trading near 24,410.
💵 The US dollar index (DXY) has softened slightly but remains around 99.35.
💱 EUR/USD appears to be attempting consolidation above 1.1600, while USD/JPY is trying to hold above 159.
🇪🇺 In Europe, futures are opening with a more optimistic tone.
📊 The DAX 40 is rising above 23,100, while Euro Stoxx 50 futures are approaching the 5,600 level.
🛢️ Spot Brent crude has fallen below $100 per barrel, currently trading around $95.30, providing some relief to broader markets.
🥇 Gold futures are regaining part of their upward momentum, approaching $4,600 per ounce.
₿ Meanwhile, Bitcoin continues to fluctuate, climbing in recent hours to approximately $70,820.
