On March 4, Iran denied reports that its intelligence ministry had contacted the United States to discuss ending the Middle East war. The New York Times had previously reported that Iranian agents had indirectly contacted the CIA on Sunday to discuss terms for ending the conflict. According to the semi-official Tasnim News Agency, a source within the Iranian intelligence ministry called the report "pure lies and psychological warfare."
Oil prices briefly rose following the denial, but quickly fell back as traders turned their attention to the US Navy's plans to escort oil tankers in the Strait of Hormuz. Traffic on this crucial chokepoint has plummeted since Saturday's US-Israeli attack on Iran sparked the conflict. Both Iran and the US have publicly vowed to continue fighting, increasing the likelihood of a protracted war in the Middle East. So far, the conflict has claimed more than 1,000 lives (mainly in Iran). (Jinshi)
