1603 GMT - Oil prices trim earlier losses after reports that Iran has rejected a U.S. proposal to end the war, but remain pressured by diplomatic efforts in the Middle East. Tehran "responded negatively" to the U.S. proposal to end the war and set out its conditions for any ceasefire--including recognition of Iranian sovereignty over the Strait of Hormuz and financial compensation for damages caused by the conflict--according to Iran's state broadcaster Press TV. However, mediators from Turkey, Egypt and Pakistan are pushing for a meeting between U.S. and Iranian officials. According to the head of the International Atomic Energy Agency, negotiations could start in Pakistan as early as this weekend. Brent crude falls 2.9% to $97.36 a barrel, while WTI is down 2.3% to $87.69 a barrel. (giulia.petroni@wsj.com)
(END) Dow Jones Newswires
March 25, 2026 12:03 ET (16:03 GMT)
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