US Envoy Witkoff told the mediators the 10-point counter-proposal the US had received from Iran on Monday was "a disaster, a catastrophe," Axios reports
- Pakistani mediators relayed drafts between Witkoff and Iran Foreign Minister Araghchi, with Egyptian and Turkish ministers assisting.
- By night, US approval was secured for a revised two-week ceasefire proposal, pending Khamenei’s decision, Axios says.
Context
The US Envoy's harsh critique of Iran's counter-proposal indicates potential escalation in diplomatic tensions, which could impact market sentiment across various assets, particularly in currencies and commodities. A failure to reach a consensus may strengthen havens like gold and the yen while creating volatility in the oil markets due to uncertainty surrounding the ceasefire proposal's outcome.
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