Iran has rejected a second round of negotiations with the U.S., causing crude oil prices to surge amid market volatility. Over the weekend, Iran's Foreign Minister Alireza Alaghzadeh visited Islamabad, but no concessions were made, leading to the cancellation of U.S. envoys' trip to Pakistan. Crude oil contracts rose 2% following the news. Despite initial optimism, Iran's state media confirmed that Iran initiated written communication with the U.S. via Pakistan, proposing a phased approach to address the Strait of Hormuz blockade and extend the ceasefire. However, the proposal sidesteps key nuclear issues, leaving the U.S. response uncertain. The Trump administration plans to discuss the situation further, with markets anticipating potential renewed negotiations rather than an immediate agreement.