The Iranian embassy in India has released details of Tehran’s formal response to a peace plan proposed by the United States (US) after American President Donald Trump labeled the Iranian response “unacceptable”.

According to a post on X, the response focuses on the “fundamental rights of the Iranian nation”. Iran has dismissed the US plan, stating that the proposal required “submission to Trump’s excessive demands”.

The Iranian counter-proposal includes specific requirements for the US, including the payment of war reparations. It also asserts Iran’s “sovereignty over the Strait of Hormuz”.

Tehran has demanded an end to all sanctions and the immediate release of seized Iranian assets and properties.

In Tehran, state broadcaster IRIB described the US plan as “Iran’s surrender to Trump’s greed”. An Iranian official, speaking to Al Jazeera on condition of anonymity characterized the response from Tehran as “positive and realistic”.

The official noted that the reply aims at ending regional hostilities, specifically in Lebanon, while addressing the nuclear programme and the removal of sanctions.

The rejection of the proposal has had an immediate impact on global energy markets. Oil prices rose by $3 a barrel as the Strait of Hormuz remained largely closed.

Amidst diplomatic negotiations, the Iranian judiciary’s Mizan news outlet confirmed that Erfan Shakourzadeh, a 29-year-old aerospace engineering graduate convicted of spying for the CIA and Mossad, had been executed.