Expectations for U.S.-Iran negotiations have been back and forth. Asian stock markets fell, Korean stocks fell more than 3%, spot gold and silver plunged, and oil prices rebounded strongly.

# By Zhao Ying | Wall Street CN

Iran has explicitly ruled out direct talks with the U.S., but reports say Trump wants the conflict ended in four to six weeks. Analysts warn the war may enter a dangerous third phase of **fighting while negotiating**. Market sentiment swung accordingly: Asian equities slumped, with the KOSPI down 3%, while oil prices bucked the trend and strengthened—WTI rose over 1% to $91.34.

On Thursday, shifting ceasefire expectations between the U.S. and Iran kept markets volatile. Asian stocks opened lower and trended down, while international crude oil prices held steady and edged up.

Iran has made clear it has no intention of holding direct negotiations with the United States. According to CCTV News, in an interview with state television on March 25 local time, Iranian Foreign Minister Araghchi stated that over the past few days, the U.S. has conveyed proposals to end the war to Iran through several friendly countries. Iran’s top leadership is reviewing them, but Iran’s “exchange of information” via these mediators does not amount to negotiations with the U.S.

As reported by Xinhua News Agency, citing The Wall Street Journal on March 25, U.S. President Trump recently told his advisers he wants to end the war with Iran “quickly,” aiming to conclude hostilities “in the coming weeks.” The report cited people familiar with the matter: “With the war nearly a month old, the president has privately told his advisers he believes the conflict is entering its final stages, urging them to stick to the four-to-six-week timeline he publicly laid out when the war began.”

With geopolitical talks deadlocked, some analysts expect the U.S. to escalate military action before major combat operations conclude (around mid-April) to force Iran’s concessions, pushing the war into a third phase of **fighting while negotiating**.

### [Update 13:57]

**Spot gold** broke below the $4,450 per ounce mark, trading at $4,448.60/oz.

**Spot silver** fell below $70 per ounce, at $69.94/oz, down 1.8% on the day.

### [Update 11:00]

In market action:

- Asian stocks opened lower and trended down.

- The Nikkei 225 opened up 0.2% but is now down 0.64%; the Topix is off 0.3%.

- Japan’s 2-year government bond yield rose to 1.315% for the first time since 1996.

- South Korea’s KOSPI fell 3% during the session; Australia’s S&P/ASX 200 declined.

Overnight, all three major U.S. stock indexes closed higher: the Dow Jones Industrial Average rose 0.66%, the S&P 500 0.54%, and the Nasdaq Composite 0.77%.

Oil prices were steady in Asian trading hours. WTI crude rose 1.13% on the day to $91.34 per barrel.

Updates to follow.

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