Iran receives 15-point US ceasefire proposal, Pakistan officials say

Key Points:

• European Central Bank President Christine Lagarde warned that European businesses might raise prices more quickly in response to the Iran war due to lingering inflation memories from the 2022 Russia-Ukraine conflict, which had caused double-digit inflation in energy prices.
• Indirect ceasefire talks between the U.S. and Iran, facilitated by Pakistan’s leadership, are reportedly making significant progress, although Iran remains distrustful and demands firm U.S. guarantees to halt attacks before agreeing to direct talks.
• China expressed strong support for de-escalation and peace talks in the Middle East, urging all parties to seize opportunities for dialogue, while Hezbollah reported firing surface-to-air missiles at an Israeli warplane, marking an escalation in their conflict.
• Japan’s Prime Minister requested the International Energy Agency consider releasing additional global oil reserves if Middle East tensions persist, as energy disruptions continue to impact global markets, with IEA head Fatih Birol emphasizing readiness but hoping it won’t be necessary.
• The U.S. proposed a 15-point ceasefire plan to Iran, including missile restrictions and safe passage through the Strait of Hormuz; however, Iranian military officials dismissed the proposal as a failure and insisted they would not negotiate under current U.S. terms.