March 24, 2026
By P. K. Balachandran
Faced with a major global economic crisis due to the blocking of the Strait of Hormuz, muted support among allies in Europe, and mounting opposition at home, US President Donald Trump is desperately seeking an end to the war with Iran.
But he is not a free man to conjure up a solution and implement it the way he wants. He needs to meet the onerous demands of an increasingly belligerent Iran that is beefed up by the excellent showing of its offensive and defensive abilities since the war began weeks ago. In addition, Trump has to deal with a stubbornly aggressive and petulant Israel, which is not only hung up on its maximalist demands but has the backing of the American power elite. The two sides cannot be reconciled because they are playing a zero-sum game in which the winner takes all.
Despite the constraints, Trump scrambled to address the mounting global economic issue. He first dropped the sanctions on Russian oil and then on Iranian oil. But it is argued by some that while these steps will bring relief across the world on the energy question, they will also channel revenue directly into the Iranian and Russian war chests.
Trump’s Claims About a Deal
Be that as it may, Trump claimed on Monday that his team of Steve Witkoff and Jared Kushner had “very good and productive conversations” with Iran and that the talks would continue throughout this week.
“We have had very, very strong talks. We’ll see where they lead. We have major points of agreement. They went, I would say, perfectly. I would say that if they carry through with that, it’ll end that problem, that conflict,” he told reporters.
The aim of the talks was to see that Iran “has no nuclear bomb, no nuclear weapon, not even close to it,” he added.
Who are the Iranian Interlocutors?
While revealing that Witkoff and Kushner were talking on behalf of the US, Trump did not reveal who on the Iran side they were talking to. Trump ruled out talks with the new Supreme Leader, Mojtaba Khamenei but added, ” We’re dealing with the man who, I believe, is the most respected and the leader.”
Two names mentioned in this connection are President Masoud Pezeshkian and Speaker Mohammad Bagher Ghalibaf. Both have been with the powerful Revolutionary Guards – the Iranian army.
Iran Denies Talks
However, the Iranian Foreign Ministry rejected Trump’s claim on talks. It said, “The U.S. president’s statements are within the framework of efforts to reduce energy prices and gain time to implement his military plans.” The Ministry, nevertheless, said that there are initiatives by regional countries to de-escalate tensions.
The known Iranian conditions for talks are – the US and Israel cease their attacks before the start of negotiations; the US should commit to never attacking Iran again and agree to pay Iran compensation for war-related damages and loss of life. It has also demanded that the US bases in the Gulf should be dismantled.
Nevertheless, as part of his efforts to make a deal, Trump told the US military to postpone strikes against Iranian energy infrastructure for five days, subject to the success of the on-going discussions. Earlier, on Saturday, Trump had issued a 48-hour warning to Tehran to open the Strait of Hormuz or face strikes on its power plants. Sure enough, Trump’s announcements sent markets up and energy prices diving.
Israel’s Stance Unclear
Like Trump, Israeli Prime Minister Benjamin Netanyahu is also blowing hot and cold. Netanyahu said he had spoken to Trump and sounded ready for a deal.
“President Trump believes there is an opportunity to leverage the tremendous achievements we have reached alongside the US military to realise the goals of the war through an agreement, an agreement that will safeguard our vital interests.”
And again, like Trump, he did not spell out the nature of the deal. Nevertheless, Netanyahu made it clear that Israel would continue to strike at Iran and Lebanon. “We will safeguard our vital interests under all circumstances,” he stressed.
Israeli officials have assessed that leaders of the Islamic Republic of Iran may be amenable to a deal. Additionally, Israeli officials do not expect to be blindsided by any US-Iran agreement. If a deal is reached, it will align with Israel’s core war objectives.
According to the Israeli Channel 12, Israel is now working to ensure that the terms of a potential agreement will meet its demands, prioritising an end to Iran’s nuclear program and strict limits on uranium enrichment. Regime change is viewed as a less central goal. Netanyahu is expected to be involved in shaping any final agreement to end this round of fighting.
Israel’s Doubts
At the same time, Israeli sources cautioned that even if a deal was reached, Iran might not honour it. Trump suggested earlier that perhaps the Strait of Hormuz could be “jointly controlled” by the US and Iran when it finally reopens. But neither Iran nor Israel would accept it. Both Iran and Israel are playing a zero-sum game, where the winner takes all.
Channel 12 further claimed that Iran may be willing to halt its ballistic missile program for five years, “reduce” its uranium enrichment, and enter discussions over its stockpile of 60 per cent enriched uranium. Iran could also agree to allow International Atomic Energy Agency inspections of remaining centrifuges and to stop funding regional proxy groups, including Hezbollah, Hamas, and Iraqi militias.
But Iran which is fighting tooth and nail for its sovereignty and its very existence, is most unlikely to accept a capitulation of this kind.
Uranium Stockpile
Reopening the Strait of Hormuz is an important global goal. But the fate of Iran’s nuclear program and the estimated 440 kg of highly enriched uranium is critically important for all three belligerents- Iran, US an Israel. The uranium is believed to be buried in canisters deep underneath the ground.
It cannot be done away with unless there is a land invasion – a very costly proposition in terms of human lives and equipment. Trump has been talking about a land invasion but his advisors may be cautioning him on this.
Several Leaders working for Truce and Talks
Because of the grim scenario, several leaders in West Asia and Europe are working for a negotiated settlement. The Omani Foreign Minister Badr Albusaidi wrote on X, that his government is working intensively to put in place safe passage arrangements in the Strait of Hormuz. And British Prime Minister Keir Starmer said, “We are working with others to see how we can develop that to a point of de-escalation. It’s very important that we get to that.”
He was reacting to the Goldman Sachs warning that Brent prices could exceed their record 2008 level — US $147 per barrel — if oil does not resume flowing through the strait within 10 weeks.
Noting that India has always raised its voice for peace in the interest of humanity, Indian Prime Minister Narendra Modi said, “The crisis to anyone’s life in this war is not in the interest of humanity, India’s effort is to encourage all parties to swiftly pursue a peaceful resolution.”
However, there is no sign that India is making any efforts to join or craft an international anti-war coalition. It is just a worried bystander hoping that Iran will be considerate to its shipping.
Meanwhile, the Qatari daily “The Peninsula” reported that the Qatari Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim Al-Thani, received a phone call from the Minister of Foreign Affairs of Turkiye, Hakan Fidan. The two sides also discussed joint efforts aimed at resolving disputes through peaceful means.
The Prime Minister and Minister of State for Defence Affairs of Qatar, Sheikh Saoud bin Abdulrahman bin Hassan Al-Thani, received a phone call from the Minister of Defence of Kuwait, Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah, to discuss cooperation to end the war. There were calls from the Foreign Ministers of Saudi Arabia, Kuwait, the UAE, Egypt, and Indonesia.
Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani received a call from Kaja Kallas, High Representative of the European Union for Foreign Affairs and Security Policy and Vice-President of the European Commission. They discussed ways to resolve all disputes peacefully. All the dignitaries condemned the Iranian missile and drone attacks on civilian infrastructures.
P. K. Balachandran
P. K. Balachandran is a senior Indian journalist working in Sri Lanka for local and international media and has been writing on South Asian issues for the past 21 years.
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