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U.S. President Donald Trump said that Iran will be bombed “at a much higher level” if it doesn’t agree to a peace deal.
The president said the war “will be at an end” if Iran agrees to the proposals, meaning the Strait of Hormuz “will be open to all.”
His post on Truth Social came after markets reacted to an Axios report that the U.S. and Iran were close to an agreement that would bring their two-month war to an end.
The outlet reported on Wednesday that Washington expects responses from Tehran on several key points to form the basis of a one-page memo within the next 48 hours.
Oil prices fell sharply in response, while U.S. stock futures, equities listed in Europe and global sovereign bonds rallied.
In his Truth Social post, the president warned that if Iran did not agree to a deal, “the bombing starts, and it will be, sadly, at a much higher level and intensity than it was before.”
Before the post, a Pakistan government official told MS Now: “The prospect of a proposal to end the war is very likely in the coming days.”
A spokesperson for Iran’s foreign ministry told CNBC earlier on Wednesday they were “evaluating” a 14-article peace proposal from the U.S.
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