On Thursday, markets in the Asia-Pacific region experienced a decline following Iran’s indication that it would not engage in direct discussions with the United States, despite Tehran’s consideration of an American proposal aimed at concluding the conflict, as stated by the foreign minister of the Islamic Republic. Iranian Foreign Minister Abbas Araghchi stated that an exchange of messages between the two countries via mediators “does not mean negotiations with the U.S.,” according to reports.

On Wednesday, Iranian state media conveyed that the nation would dismiss a U.S. ceasefire proposal and had specified its own terms for concluding the conflict. Thierry Wizman indicated that a ceasefire is not on the immediate horizon. “Rather, an intensification of military action by the U.S. as it tries to nudge Iran toward making important concessions is likely over the next two weeks, before major combat operations succeed, perhaps in mid-April,” stated Wizman.

“The War may now enter its third phase of ‘talk and fight,’ rather than talk only, or fight only,” he noted in a communication. Australia’s S&P/ASX 200 experienced a decline of 0.1%, settling at 8,525.7. Japan’s Nikkei 225 experienced a decline of 0.27%, settling at 53,603.65, while the Topix decreased by 0.22%, reaching 3,642.8. South Korea’s Kospi experienced a decline of more than 3%, settling at 5,460.46, while the small-cap Kosdaq decreased by 1.98%, reaching 1,136.64. Hong Kong’s Hang Seng index experienced a decline of 1.9%, whereas the CSI 300 fell by more than 1% to 4,477.53.

Oil prices exhibited stability throughout the Asia trading hours. West Texas Intermediate crude futures increased by 0.72%, reaching a price of $91 per barrel. In the latest trading session in the U.S., the Dow Jones Industrial Average experienced an increase of 305.43 points, representing a rise of 0.66%, concluding at 46,429.49. The S&P 500 increased by 0.54% to reach 6,591.90, while the Nasdaq Composite saw a rise of 0.77%, concluding at 21,929.83.