On Wednesday, Iranian Foreign Minister Abbas Araghchi signaled that Tehran remains open to negotiations as President Donald Trump defended the U.S. military campaign.

Iran Says Diplomacy Could Deliver Deal In Days

Araghchi said Tehran remained in contact with intermediaries to explore ways to implement its seven-day plan faster.

"While our Brave Armed Forces are fully prepared to defend the Homeland, Iran continues to give diplomacy a chance to succeed," he wrote on X.

The proposal, initially discussed during Iran's delegation visit to New York for the UN General Assembly, has resurfaced amid regional diplomatic efforts, including Qatar's involvement.

A security source told Al Jazeera that the plan was not fundamentally new. Iran's primary concern, the source indicated, was whether its seven demands and conditions would be met, rather than how long an interim agreement would take.

Iran Warns of Oil Market Risks

Earlier in the day, Araghchi also warned that another Israeli-led military operation could disrupt global energy markets, citing concerns raised during the Gas Exporting Countries Forum summit in Moscow.

Oil prices fell late Wednesday, with West Texas Intermediate crude falling 1.38% to $101.36 per barrel and Brent crude slipping 0.95% to $114.22.

Trump Defends Iran War As Reports of Fresh Strikes Emerge

Speaking at a campaign rally in Chillicothe, Ohio, ahead of the Nov. 3 midterm elections, Trump stated that Iran had significantly fewer missiles and that its drone manufacturers were struggling because they "can't get electricity anymore," the report noted.

He also defended the military campaign, saying, "We didn't start this war," and argued that it "should have been taken care of long before I came here."

The U.S. and Israel launched strikes against Iran on Feb. 28.

Meanwhile, The Wall Street Journal reported that the U.S. has urged several Gulf Arab nations to prepare for a brief but intense military campaign following the midterm elections.

The Associated Press reported similar warnings, but diplomats told the publication that Trump had not made a final decision on whether to launch further strikes against Iran.

Qatar's Iran Peace Proposal Faces Resistance

Reuters reported that Qatari mediators had presented Tehran with a new draft agreement to end the war. A senior Iranian official reportedly rejected the proposal as "unacceptable ideas and not an offer."

The UAE called for de-escalation and diplomatic efforts as an oil spill from a damaged tanker in the Strait of Hormuz reached beaches in Ras Al Khaimah, prompting closures.