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Iran's president says mediation underway: Update

  • : Crude oil, Natural gas
  • 26/03/06

Updates with Trump's comments.

Iran's president Masoud Pezeshkian said on Friday that mediation efforts are underway to help end the war in the Middle East.

"Some countries have begun mediation efforts," Pezeshkian said in a post on social media platform X. He did not name any.

US president Donald Trump posted on his social media platform hours later that "There will be no deal with Iran except UNCONDITIONAL SURRENDER!".

Trump demanded a say in the selection of Iran's next supreme leader, following which, he said, "we, and many of our wonderful and very brave allies and partners, will work tirelessly to bring Iran back from the brink of destruction, making it economically bigger, better, and stronger than ever before."

The comments from the leaders of Iran and the US come after days of increased posturing from both sides in a war that appears to be growing in scope, with numerous attacks on regional energy-related infrastructure. The de facto closure of the strait of Hormuz has sent global prices for crude, LNG and other commodities to multi-year highs.

The Trump administration is beginning to feel the pressure to address the more than 25pc increase in crude futures since the war began.

Trump said on Thursday that Iran was "calling" him saying that they want to make a deal, but that it was already "a little bit late for that." Iran's foreign minister Abbas Aqarchi refuted that, saying Iran "is not asking for a ceasefire" and that Tehran does not see any reason to negotiate with the US.

"When we negotiated with them twice, and every time they attacked us in the middle of negotiations," he said. "So there is no request for a ceasefire by us. There is no request for negotiations with the US from us."

The US and Israeli airstrikes on Iran began as Washington and Tehran were negotiating about the future of the Iranian nuclear programme. They held three rounds of talks in February, and were due to meet again this week for a round that was to begin focusing on technical aspects of an agreement to all but eliminate Iran's nuclear enrichment activities in return for sanctions relief.

This is the second time Israel has attacked Iran while the latter was in negotiations with the US over its nuclear programme. The first, in June 2025, lasted 12 days. With the new war now in its seventh day.

The nature of the escalation, and particularly Iran's response to it, may have alienated several of the most likely candidates for mediator. The UAE, Qatar and Saudi Arabia have all been hit this week by Iranian drones or missiles.

Qatar, a key regional mediator, said on Tuesday that Iran's strikes against it had "already crossed every possible red line" and that it "reserves the right to retaliate." But crucially, Oman, which acted as mediator in last month's US-Iran talks, and in those of June 2025, has been subject to significantly fewer Iranian strikes than its regional peers this week, and could remain a viable option.

Oman's foreign minister Badr al-Busaidi, who was acting as the main mediator, said on Tuesday that diplomatic options and "off ramps" are still "available."


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