Qatar proposes new draft deal to end Iran-US-Israel hostilities

The gap between Qatar's draft and Iran's public rejection is the real signal here: the mechanism of mediation is still alive even as the substance fails, which is the difference between a stalled process and a collapsed one. Araghchi's insistence that consultations continue matters more than the "unacceptable" label, since it keeps a channel open that neither Washington nor Tehran has closed. What matters for markets is whether that channel survives the next round, because any durable de-escalation path between these parties would reprice regional risk far more than another rejected draft.