The U.S. has sent a 15-point peace proposal to Iran through Pakistan, aimed at ending the war that started on February 28. The plan reportedly includes restrictions on Iran’s nuclear program. Israel’s Channel 12 also reported that Washington is pushing for a one-month ceasefire.
BREAKING: President Trump says his envoys Steve Witkoff and Jared Kushner have spoken with a senior Iranian official, with potential "deal" terms emerging, per Axios.
President Trump on potential deal terms:
1. Iran committed not to pursue nuclear weapons or to enrich uranium,…
— The Kobeissi Letter (@KobeissiLetter) March 23, 2026
The news pushed oil prices sharply lower. Brent crude fell 4.7% to $99.55, breaking below $100 for the first time since mid-March. WTI crude, the U.S. benchmark, dropped back below $90 per barrel.
Stock futures responded quickly. S&P 500 futures and Dow Jones futures both rose around 0.7%. Nasdaq 100 futures gained roughly 0.9%. Asian equities climbed 1.9%, and European futures also pointed higher.
The dollar weakened on the news. Investors are viewing the peace plan as the most concrete diplomatic move since the conflict began.
Bitcoin is trading at around $71,019, up 0.9% over the past 24 hours. It has held above $70,000 for three straight days. Still, it is down 6.4% over the past seven days, a stretch that included a high of $75,000 and a sharp pullback during a two-day ultimatum scare over the weekend.
“Simply remaining at these high levels now suggests confidence among the bulls,” said Alex Kuptsikevich, chief market analyst at FxPro.
Most major altcoins are also recovering slightly on the day but remain in the red for the week. Ether is up 1.7% on the day to $2,164 but is down 9.2% on the week, making it the worst performer among major cryptos over that stretch.
XRP gained 0.2% to $1.42 but is down 8.5% on the week. Solana rose 2.5% to $91.69 but has lost 3.8% over seven days. BNB slipped 0.5% to $638, down 6.8% weekly. Dogecoin gained 1.7% to $0.094 but is still off 7.5% for the week. Tron was the only major crypto in the green on both timeframes, up 0.8% on the day and 4.4% on the week.
Lower oil prices matter for both stocks and crypto. Every drop in oil reduces inflation pressure, which lowers the chance the Federal Reserve will need to raise interest rates. That keeps money conditions from tightening further.
Bitcoin’s 90-day correlation with the S&P 500 remains high. The crypto market has spent four weeks absorbing war headlines, oil shocks, and liquidation events. Despite that, bitcoin is roughly flat since the war began on February 28.
The Strait of Hormuz remains effectively closed, with few ships passing through. The peace plan is still just a proposal. Iranian state media previously pushed back on claims that direct talks had taken place, after Trump mentioned “productive conversations” on Tuesday.
Trump also claimed Tehran appears to be responding constructively and hinted at a “present” worth “tremendous amounts of money” as part of a potential deal. Investors are also watching February import and export price data due Wednesday.
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