US, Iran Argue Over Terms; Airline Fares Surge in Europe & Asia

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Mar 26, 2026

Jumana Brasechi, Bloomberg Middle East correspondent in Dubai, offers on-the-ground reporting. She discusses Iran’s public rejection of US overtures and Tehran’s new conditions. She also covers soaring Asia-Europe airfares after Persian Gulf disruptions and regional military movements and reactions.

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INSIGHT

Talks Claimed But Terms Remain Far Apart

Peace-talk claims between the U.S. and Iran are disputed as Tehran publicly rejects U.S. overtures.
Jumana Brsechi reports Iran demands guarantees against attacks, reparations, and recognition over the Strait of Hormuz, showing wide gaps in positions.

INSIGHT

Strait Risk Could Push Brent Toward $154

Oil prices spiked as the Strait of Hormuz risk rises, pressuring global supply and markets.
Bloomberg notes Brent could top $154 a barrel if the strait stays closed until mid-June, and Brent is already up ~40% since the war started.

INSIGHT

Airline Fares Soar After Gulf Disruptions

Airline fares on Asia-Europe routes have surged, driven by war-related Persian Gulf disruptions.
Analysis shows some routes jumped up to 560% this month and summer bookings from Europe to the U.S. are down about 15%.

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Today's top stories, with context, in just 15 minutes.
On today's podcast:
1) The White House has insisted that peace talks with Iran are ongoing, even as Tehran publicly rejected US overtures and issued fresh conditions of its own to end the conflict that’s wreaked havoc across the Middle East and global markets. President Trump claimed Iran was desperate to make a deal to end the nearly month-long hostilities. “They want to make a deal so badly, but they’re afraid to say it,” Trump told congressional Republicans Wednesday night in Washington. The comments ran counter to Iran’s earlier statements through state-run media publicly rejecting Trump’s push for talks. Tehran is also seeking its own guarantees, including that the US and Israel won’t resume their attacks, reparations for war damages and recognition of its authority over the Strait of Hormuz, according to state-owned Press TV.
2) Ticket prices on major routes connecting Asia and Europe have surged up to 560% this month and are likely to stay elevated through the summer and into fall as war-related disruptions ripple through the Persian Gulf, the world’s busiest transit corridor, according to Alton Aviation Consultancy. For June travel, fares across seven popular Asia-Pacific to Europe routes are averaging about 70% higher than a year ago, based on Alton’s analysis of data from analytics firm Cirium and online travel agencies. A Sydney-to-London ticket now averages more than $1,500, roughly double last year’s price. Fares include direct and one-stop flights, as well as transits through Gulf airports. Prices are expected to remain about 30% above last year’s levels even as far out as October.
3) Officials in Germany have started mapping vulnerabilities in US supply chains to identify points where Germany and its European Union partners could apply pressure, according to people familiar with the effort. Their goal is to create a consensus among EU nations on how they can use their leverage, if and when they get drawn into another dispute with the White House. The initial findings suggest ways to target the massive US tech firms with close ties to the White House, the officials said. Other options could aim for the AI investment boom that has helped to drive US stocks to record highs this year or push up drug prices for American voters, an issue the president has already shown he’s sensitive to.

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