Iran sends conditions for ending the war, and Trump now holds the ball
Iran reopened a door to diplomacy, but kept its finger on the trigger.
Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, told Al Jazeera that Tehran had conveyed official conditions to Washington via Qatar for ending the war and resuming talks.
According to him, Iran is now awaiting President Donald Trump's response.
Iran's three conditions: cessation of fighting on all fronts, release of frozen Iranian funds, and an end to the naval blockade.
The Iranian message is clear: Tehran is ready to talk, but not ready to enter negotiations from a position of weakness.
And this is exactly where things get complicated.
Rezaei also said that Iran is ready for a "decisive war" if the conditions are rejected. He added that Iranian military preparations are currently focused on US Navy assets in the Gulf region, the Gulf of Oman, and the Arabian Sea.
In other words, Iran is playing on two boards simultaneously: on the one hand, Qatar and Pakistan are mediating and conveying messages to Washington; on the other hand, Tehran continues to prepare its military for a scenario of further escalation.
The key point: the demand for reparations has disappeared. One of the most interesting details is precisely what Iran is not demanding this time.
According to David de Roche, a former senior Pentagon official, Iran has dropped a previous demand for war reparations.
For him, this may indicate a certain change in the Iranian position, even if the current conditions are still very difficult for Washington.
Another important question is, what about the nuclear program?
Rezaei said that Iran has not yet decided to withdraw from the Nuclear Non-Proliferation Treaty - NPT.
However, he did not rule out such a possibility in the future and claimed that US conduct, additional sanctions, or international actions could push Tehran to reconsider its position.
This makes the nuclear question a central part of any attempt to reach an agreement.
And the markets?
Here lies the big story.
Hormuz has already become a central point of friction. Shipping data published this week showed that the volume of transit through the strait remains significantly below average, with the strait being a key route for global oil and gas transportation.
Therefore, any sign of real progress between Washington and Tehran could quickly affect: oil prices, airline and transportation company stocks, inflation and interest rate expectations, bond yields, US consumer stocks, market risk premium, and energy stocks.
Conversely, a failure in the talks could return the market to a situation where oil is once again the general managing the battle behind the scenes.
As of now, there is no agreement. There is an Iranian proposal, Qatari and Pakistani mediation, and a wait for an American response. Meanwhile, Trump himself said this week that he hopes the war is nearing its end, while fighting and pressure on trade routes continue.
The ball has passed to Washington - and this time, even the price of oil is waiting to see where it rolls.