State media: “It is not logical to enter into such a process with those who violate the agreement”; Tehran insists on achieving strategic goals first
MARKET INSIDER – Iran has flatly rejected any U.S.-led ceasefire proposal in the ongoing war, according to state media reports on Wednesday, March 25, 2026. Citing an informed source, FARS News Agency stated that Tehran “does not accept a ceasefire,” calling it illogical to negotiate with parties it accuses of violating agreements. The source emphasized that Iran intends to fully realize its strategic goals before any possibility of ending the conflict.
The rejection comes despite President Donald Trump’s repeated claims of “very good and productive conversations” with Iranian authorities and his announcement of a five-day pause on strikes against Iranian power plants and energy infrastructure. Iranian officials continue to deny the existence of direct or indirect talks, describing U.S. statements as “psychological warfare” aimed at lowering energy prices and buying time.
Earlier Wednesday, the Associated Press reported that Iran had received Trump’s 15-point peace plan, but Tehran’s public stance remains uncompromising. The source told FARS that only once Iran achieves its objectives will there be room for de-escalation.
This hardline position maintains tension in the fifth week of the U.S.-Israel war with Iran, even as markets reacted positively earlier this week to Trump’s de-escalation signals. Oil prices, which tumbled sharply on Monday after the strike pause, remain sensitive to any signs that diplomatic efforts are stalling.
For global investors, the latest Iranian statement underscores the fragility of the current pause. While Trump continues to express optimism about reaching a deal, Tehran’s insistence on achieving its strategic goals before any ceasefire introduces significant uncertainty. Key flashpoints remain the reopening of the Strait of Hormuz, the status of Iran’s nuclear program, and regional security arrangements.
The market implication is clear: any meaningful progress toward a resolution could trigger further relief rallies in equities and a deeper correction in oil. However, repeated public contradictions between Washington and Tehran keep the risk premium elevated, meaning volatility in energy, precious metals, and risk assets is likely to persist until verifiable progress—or renewed escalation—emerges.
The contrarian view: Iran’s firm rejection may be negotiating tactics designed to extract maximum concessions, while back-channel discussions (possibly involving intermediaries) quietly continue. Until both sides align their public and private positions, the five-day pause remains a fragile window rather than a turning point. Markets will continue watching every statement closely for signs of genuine momentum or renewed deadlock.
