Client Update - 27th March 2026

Throughout this week, you may have noticed that US President Donald Trump has occasionally asserted that the United States is engaged in meaningful talks with Iranian leadership to end the ongoing war. He understatedly described Iranians as “great negotiators” and claimed they were “begging to make a deal,” even suggesting that the U.S. and Iran were already aligned on several key points. Trump also implied that his administration had paused certain military actions because negotiations were underway, and he publicly stated that Tehran was eager for peace.

These claims were accompanied by Trump’s subtle messaging that the U.S. had effectively “won” the war and that diplomatic channels were now the primary focus. He name checked senior U.S. officials—including Vice President JD Vance and Secretary of State Marco Rubio—as being involved in the talks, and he reiterated that intermediaries such as Pakistan were helping transmit proposals.

It therefore came as a shock when Iranian officials forcefully rejected Trump’s narrative. Foreign Minister Abbas Araghchi stated unequivocally that Iran “does not intend to negotiate” and that no talks had taken place. He emphasized that Iran’s policy remained one of “resistance,” not diplomacy, and that any messages exchanged through mediators did not constitute negotiations. Could President Trump have over-played his hand?

In case you were still not sure where Iran stood, their military spokespeople dismissed Trump’s claims as fabrications. stating: “No one like us will make a deal with you. Not now. Not ever.” Well, that was quite clear.

The week quickly moved on, and we did end up with a U.S.-backed 15 point ceasefire plan that was delivered to Iran via Pakistan. Multiple news outlets reported that the proposal addresses:

• Iran’s nuclear and ballistic missile programs

• The dismantling of key nuclear facilities (Natanz, Isfahan, Fordow)

• A halt to uranium enrichment

• Restrictions on Iran’s missile program

• The requirement that Iran abandon support for regional proxy groups

• Reopening the Strait of Hormuz

• A framework for lifting U.S. sanctions if Iran complies

In a surprise move, Tehran rejected the proposal and issued its own five conditions for peace:

1. A complete halt to U.S. and Israeli “aggression and assassinations”

2. Concrete guarantees preventing future attacks

3. War reparations

4. Formal recognition of Iran’s right to control maritime activity in the Strait of Hormuz

5. Inclusion of Iran aligned military groups in any settlement, including an end to Israel’s operations in Lebanon

On a more serious note, while diplomatic wrangles continued, the conflict has continued to escalate. The U.S. approved the deployment of more than 1,000 additional paratroopers to the region, and Israel and the U.S. conducted targeted strikes on Iranian military leadership.

Once more, this week’s developments highlight a widening gap between Washington’s portrayal of diplomatic progress and Tehran’s insistence that no negotiations are taking place. The 15 point peace plan—though detailed and far reaching—has been firmly rejected by Iran, which countered with its own demands. Meanwhile, military escalation continues, underscoring the fragility of any potential diplomatic breakthrough as we wait for more definitive progress that everyone is desperately hoping for. It does appear that President Trump is starting to want out and it remains to see if Iran will let him out with his story of great victory intact. We are keeping a very close eye on developments as and when they come, so in the meantime, please do have a good weekend.