In a televised address, Trump said U.S. forces had delivered “swift, decisive” results during 32 days of operations launched after joint U.S.-Israeli strikes on Iran on Feb. 28. He added that Washington was “on track to complete all of America’s military objectives shortly,” while warning of further heavy attacks if no agreement is reached.

The conflict has triggered widespread regional instability, with Iranian retaliatory strikes targeting Israel, U.S. bases and Gulf states, and opening a parallel front in Lebanon. Thousands have been killed across the region since the escalation began.

Trump reiterated that the U.S. military campaign aimed to neutralize Iran’s strategic capabilities, including its nuclear program, saying recent strikes had prevented Tehran from obtaining nuclear weapons. He did not provide evidence to support the claim.Despite the escalation, diplomatic prospects remain uncertain.

A senior Iranian source told Reuters that Tehran is demanding a guaranteed ceasefire before halting its attacks and has not engaged in indirect talks on a temporary truce. Iran has also denied U.S. assertions that it requested a ceasefire.

Iranian President Masoud Pezeshkian, in a message addressed to the American public, said Iran holds no hostility toward ordinary U.S. citizens, though official positions suggest limited willingness to enter negotiations at this stage.The war has disrupted global energy markets, particularly after Iran effectively shut the Strait of Hormuz, a critical route for roughly 20% of global oil and gas shipments.

Trump dismissed the strategic necessity of the passage for the United States and urged allies dependent on Gulf energy supplies to take steps to reopen it.Financial markets reacted negatively to the lack of a clear diplomatic roadmap, with global equities falling and oil prices rising following Trump’s address.

The International Monetary Fund, World Bank and International Energy Agency warned the conflict was having “substantial, global and highly asymmetric” economic effects and signaled coordination on potential support measures.U.S. officials said backchannel discussions involving intermediaries, including Pakistan, were ongoing, though no breakthrough has been reported.

Trump indicated he remained open to a deal but warned that failure to reach one could result in expanded strikes, including potential targeting of Iran’s electricity infrastructure.The U.S. president also renewed pressure on allies, suggesting countries reliant on Middle Eastern energy should take a more active role in ensuring maritime security in the region.

European officials, however, have cautioned against military operations in the Strait of Hormuz, citing concerns over international law.

Trump has also raised the prospect of reassessing U.S. commitments to the NATO, criticizing what he described as insufficient support from European allies in addressing the crisis.

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.