Qatar, being a mediator in the conflict between the U.S., Israel, and Iran, has given Tehran a new peace proposal aimed at ending the war. The proposal raises hopes of a deal, but disagreements could still block an agreement as tensions rise again.
With oil prices above $115 and the U.S. midterm elections approaching on November 3, the outcome could affect global markets and politics.
Qatar delivered the draft on Sunday as mediators worked to prevent another round of attacks. The proposal comes amid fears that Israeli Prime Minister Benjamin Netanyahu could order new strikes on Iran’s nuclear facilities and critical infrastructure.
The full text of the latest draft has not been made public.
However, the main issues facing negotiators include reopening the Strait of Hormuz, ending military operations, easing US sanctions, releasing frozen Iranian assets and addressing Iran’s nuclear program.
Meanwhile, Iran has also demanded an end to the war in Lebanon, including the withdrawal of Israeli forces from southern Lebanese territory.
Despite Qatar’s efforts, two major obstacles could prevent Iran and the US-Israel side from reaching an agreement.
First, US President Donald Trump has warned Iran against delaying a deal until after the November 3 midterm elections. As Coinpedia News previously reported, Trump also accused Iran of “doing everything they can to drive up the price of Oil before the U.S. Midterm Election.”
He has also warned that the U.S. could take action against Iran if it refuses to reach a peace deal by the time the midterm elections take place.
Responding to it Iran has also threatened US bases if tensions over shipping through the Strait of Hormuz continue.
Second, Israeli Prime Minister Benjamin Netanyahu has described the current situation as a historic opportunity to eliminate the Iranian threat. His position could complicate Qatar’s efforts to secure the peace deal.
Iran has not officially accepted or rejected the proposal and is expected to deliver its response by the end of the week. However, reaching an agreement will not be easy.
The Strait of Hormuz is a major route for global oil shipments, making its reopening a key factor for energy markets. Brent crude has reportedly climbed above $115 a barrel, increasing concerns about higher energy costs and inflation.
This could put pressure on riskier assets, including Bitcoin, which is currently trading around $81,230.
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