The Wall Street Journal (WSJ) reported that, in its response to a U.S. ceasefire proposal, Iran rejected a demand to halt uranium enrichment for the next 20 years and to transfer its stockpile of highly enriched uranium to the United States.

Citing sources familiar with the talks on the 10th (local time), the outlet reported that Iran, in its reply to the United States, indicated it was willing to suspend uranium enrichment but proposed a shorter period than the 20 years the U.S. suggested. It also said Iran proposed transferring its stockpile of highly enriched uranium to a third country, not the U.S., after diluting part of it.

Instead, Iran was said to have proposed that if the U.S. lifts the blockade on Iranian ships and ports, it would gradually reopen the Strait of Hormuz and then hold 30 days of focused talks on nuclear issues.

WSJ noted that “the reply did not satisfy the U.S. demand for advance assurances about the direction of the Iranian nuclear program and the fate of its stockpile of highly enriched uranium.”

However, Tasnim, a semi-official news agency linked to the Islamic Revolutionary Guard Corps, cited informed sources to claim that the WSJ report was not accurate. Tasnim claimed that Iran demanded as core ceasefire conditions a halt to attacks on Iran and Lebanon and the lifting of sanctions on Iran.

It added that they specifically emphasized the need to lift the blockade of the Strait of Hormuz, to immediately unfreeze overseas funds, and to lift the ban on Iranian crude sales during the 30 days of talks. It reported that the response did not include references to nuclear issues, which was interpreted as indicating that nuclear talks would follow after first opening the strait.

Reuters also reported that the state-run Iranian outlet PressTV said Iran had rejected the U.S. proposal as containing excessive demands, and reiterated that the United States should pay compensation for war damages and reasserted Iranian sovereignty over the Strait of Hormuz.

After news of the collapse of the talks, international oil prices rose slightly. Brent crude climbed more than 3% to above $104 per barrel, and West Texas Intermediate (WTI) also rose more than 3% to above $98 per barrel.