US-Israel War on Iran Enters Fourth Week: Trump Claims Iran Desperate for Deal, While Tehran Says No Talks Planned
The US-Israel war on Iran is close to hitting the full one month-mark as talks regarding diplomatic negotiations finally take centre stage. Here are the key developments on March 26, 2026. . Iran’s military has been largely neutralised despite ongoing in the Middle East, US President Donald Trump said today. “We are absolutely obliterating Iran. They’re defeated, they’re not making a comeback. They now have a chance to make a deal, but that’s up them,” said Trump. Speaking on the peace proposal, he said Iran’s leaders “are not fools, they’re very smart in a certain way and they’re great negotiators”. “I say they’re lousy fighters but great negotiators,” said Trump, adding the US is “way ahead of schedule” in the war against Iran, originally projected to last four to six weeks. Russia is earning an estimated $760 million a day in the ongoing conflict in Iran, as per reports. Citing analysis from the Kyiv School of Economics, the Telegraph (UK) reported that Russia’s monthly oil and gas revenues are set to double from around $12 billion to nearly $24 billion. India is evaluating the creation of a domestic protection and indemnity (P&I) club to safeguard shipping operations. Rising trade volumes along with increasing cross-border litigation make P&I insurance a critical instrument for ensuring stability & risk mitigation in international shipping, explains Ajay Sahai Russian President Vladimir Putin said on Thursday that the consequences of the conflict in the Middle East could be as serious as those of the COVID pandemic. The conflict, Putin said, was causing significant damage to international logistics, production and supply chains while putting intense pressure on hydrocarbon, metals and fertiliser companies. "The consequences of the conflict in the Middle East are still difficult to accurately predict," Putin told business leaders in Moscow, according to Reuters. Authorities in Abu Dhabi reported that an Indian was among the two killed in the emirate from the fall of debris following the successful interception of a ballistic missile by air defenses. Three people were also injured, they said. Alireza Tangsiri, one of Tehran's most senior and combative military figures, was killed in an Israeli strike on the Iranian port city of Bandar Abbas. Tangsiri, who had commanded the IRGC Navy since 2018, was also the architect of Iran's closure of the Strait of Hormuz, Israeli defense minister Israel Katz said. Russia’s foreign ministry has accused the US and Israel of trying to spark a nuclear disaster with a second strike near Iran’s Bushehr nuclear power plant, Al Jazeera reported. Moscow claimed the attack forced it to move staff from the joint Iranian‑Russian site. Kuwait's Minister of Defense Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah on Thursday inspected Kuwait International Airport following a drone attack that targeted aircraft refuelling tanks, Gulf News reported. Authorities confirmed that the damage was limited to material losses and no injuries were reported. Israel took Iranian Foreign Minister Abbas Araqchi and Parliamentary Speaker Mohammad Baqer Qalibaf off its hit list after Pakistan intervened and requested that Washington not target them, Reuters reported, quoting a Pakistani source. The shock to global energy markets is likely to persist even if the ongoing West Asia conflict ends. Crude oil and LNG prices expected to remain 15–25% above pre-war levels, signalling a structural reset that could reshape India’s energy landscape, according to a CLSA report. A Turkish-operated oil tanker came under attack in the Black Sea early Thursday, likely struck by an unmanned surface vehicle, according to Turkey’s Transport Minister Abdulkadir Uraloğlu. In a televised interview, Uraloğlu said a foreign-flagged vessel run by a Turkish company, which had taken on crude oil from Russia, reported an explosion in its engine room shortly after midnight to the emergency call centre. “The engine room appears to have been deliberately targeted,” he said, adding that initial assessments suggest the strike was carried out by a sea-level unmanned surface vehicle rather than an aerial drone. Euro zone banks have limited direct exposure to the war in the Middle East, but the conflict could still generate systemic stress given interconnected vulnerabilities, Reuters quoted European Central Bank Vice President Luis de Guindos as saying on Thursday. Financial markets have come under stress in recent weeks from the impact of the US-Israeli war on Iran. But the selloff outside the Middle East has been limited, even as some assets remain overvalued. "Spillovers to the euro area financial sector have so far remained contained," de Guindos said in a speech. "Direct bank exposures to the region are limited, and the banking system is well-positioned with strong profitability and robust capital and liquidity buffers." De Guindos argued that even market infrastructure operators, like central counterparties whose services include energy markets, have managed margin requirements effectively, despite the volatility. According to a report by Crisil Ratings, supply chain disruptions can potentially impact annual domestic production of both complex fertilisers and urea by 10% to 15%. Profitability of manufacturers could decline amid lower capacity utilisation due to supply constraints of key raw materials. The report noted that the increase in prices of raw materials and imported fertilisers is likely to increase the working capital requirement of players and also raise the subsidy bill of the government by Rs 20,000 to Rs 25,000 crore. Nevertheless, two factors will support credit profiles - firstly, the strong liquidity of large fertiliser companies and secondly, the government's track record of supporting the sector over time with adequate and timely subsidy disbursements. "The United States has reached out to us regarding their bases in Middle Eastern countries. We’ve also been approached by Saudi Arabia, Qatar, the United Arab Emirates, Bahrain, Jordan, and Kuwait. We’re already working with some of them, and our expert teams are already on the ground, assessing the situation and sharing invaluable experience," Ukrainian President Volodymyr Zelenskyy wrote on X. "We are discussing future deliveries of certain equipment that Ukraine has. We want Middle Eastern countries to give us the opportunity to strengthen ourselves as well. They have some air defense missiles that we lack. We would like to reach agreements on this," he added. According to reports, the Israeli military has killed IRGC Navy Commander Alireza Tangsiri. The claim has not yet been confirmed by Iranian authorities. The Israel Defense Forces said one of its soldiers was killed during combat in southern Lebanon. Tel Aviv has led a ground invasion into the other country over the past month --- clashing intensely with Hezbollah militants along the border. Two other Israeli soldiers had been killed on March 8 while striking southern Lebanon. Two officials from Pakistan described the 15-point US proposal broadly, saying it included sanctions relief, a rollback of Iran's nuclear program, limits on missiles and reopening the Strait of Hormuz, through which a fifth of the world's oil is normally shipped. Iran issued its own plan via state TV, which includes a halt to killings of its officials, means to make sure no other war is waged against it, reparations for the war, the end of hostilities, and Iran's sovereignty over the Strait of Hormuz. Israel took Iranian Foreign Minister Abbas Araqchi and parliamentary speaker Mohammad Baqer Qalibaf off its hit-list after Pakistan requested Washington not to target them, a Pakistani official told Reuters on Thursday. "The Israelis had their ... coordinates and wanted to take them out, we told the U.S. if they are also eliminated then there is no one else to talk to, hence the U.S. asked the Israelis to back off," the official said. Sirens have sounded repeatedly across Israeli cities on Thursday morning --- with authorities flagging at least four barrages of incoming missiles. According to an AP News report, explosions were also heard over Jerusalem as Israeli air defences sought to intercept Iranian fire. According to Israeli media reports, incoming missile warnings have been sounded for multiple areas in central and southern Israel including Tel Aviv, Jerusalem and the occupied West Bank. "Abu Dhabi authorities have responded to an incident involving falling debris in Sweihan street, following the successful interception of a ballistic missile by air defence systems. The incident resulted in the deaths of two unidentified individuals, three injuries, and damage to a number of cars. Further updates will be provided in due course. The public is advised to obtain information only from official sources and to avoid spreading rumours or unverified information," read an official update. According to an Al Jazeera update, the Omani national carrier has extended flight cancellations. Oman Air said flights to Dubai, Bahrain, Doha, Kuwait, Copenhagen and Baghdad will remain cancelled until April 15 due to the ongoing airspace closures. Oil prices have now risen about 2% amid concerns that protracted fighting in the Middle East will further disrupt energy flows. Brent futures rose $2.08, or 2.03%, to $104.30 a barrel by 0638 GMT, while U.S. West Texas Intermediate crude futures were up $1.93, or 2.14%, at $92.25 a barrel. Both benchmarks had slumped more than 2% on Wednesday. Japan started releasing 30 days’ worth of oil from state-owned reserves on Thursday, part of its largest-ever plan to release up to 45 days’ supply. This follows private-sector releases that began on March 16. Prime Minister Sanae Takaichi said the country will also release oil held jointly with producing nations by the end of the month. Japan imports more than 90% of its crude oil from the Middle East. Fuel prices have hit record highs of 190 yen per liter, prompting the government to cap prices at around 170 yen per liter ($4.16 per gallon) through subsidies. While no energy-saving mandates have been imposed, authorities warned against panic buying of essentials. Fuel shortages are hitting Asia hard, and countries are taking emergency steps. South Korean President Lee Jae Myung announced a new emergency response system, urging citizens to take simple actions like using public transport and conserving energy. He also asked gas stations to follow the government’s oil price caps and encouraged people to reduce electricity use. The government is working to keep electricity prices steady, as the country’s only electricity provider is state-run. In the Philippines, the energy market regulator suspended the wholesale electricity spot market due to fuel supply risks and volatile prices. Meanwhile, in Thailand, panic buying erupted after the government cut oil subsidies, with videos showing long lines at gas stations. Chinese Foreign Minister Wang Yi said the situation in the Middle East now offered a "glimmer of hope for peace" as both US and Iran signalled a willingness for talks. "The international community should actively promote dialogue among the conflicting parties; as long as talks continue, there is hope for peace. China supports Egypt in continuing its mediation efforts in promoting the resumption of peace talks and a halt to the war," he told his Egyptian counterpart Badr Abdelatty. According to an AFP report, Kuwait has arrested six people linked to Lebanon’s Iran-backed Hezbollah group. The Kuwaiti interior ministry said in a statement that they had been planning “assassinations” in the Gulf state. Officials said they were planning “assassinations targeting symbols and leaders of the state and recruited people to carry out these missions”. Data from maritime intelligence service Windward indicates there are nearly 700 ships stranded amidst the Strait of Hormuz closure --- despite some limited movement in recent days. Some 686 ships remain in the waterway, with the bulk of them (about 400) in the Gulf of Oman. Windward said this build-up suggested “many operators have chosen to hold position outside Hormuz rather than commit immediately to long-haul rerouting”. According to the semi-official Fars news agency, the Iranian parliament is working on a draft bill that would impose a fee on vessels seeking safe passage through the Strait of Hormuz. The publication cited an unnamed lawmaker to reiterate that the plan would be finalised next week, and legally recognise Iran’s oversight of the crucial waterway. US President Donald Trump has insisted that Iran was desperate to make a deal to end nearly four weeks of fighting. He claimed during an event on Wednesday night that Iranian leaders were negotiating and "want to make a deal so badly" "But they're afraid to say it because they will be killed by their own people. They're also afraid they'll be killed by us," he claimed. His remarks contradicted the Iranian foreign minister --- who said his country was reviewing a US proposal but had no intention of holding talks to wind down the conflict. Iranian Foreign Minister Abbas Araqchi said while there had been no dialogue or negotiation with the U.S., various messages had been exchanged through intermediaries. Pakistan defence minister Khawaja Asif seemingly took a swipe at the United State on Wednesday amid buzz that the country was gearing up to play mediator. The US is reportedly trying to arrange a meeting in Pakistan to find a possible way out of the conflict. "The goal of the war seems to have shifted to opening the Strait of Hormuz, which was open before the war," Asif wrote in a post on X.
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