Iran says it is reviewing a U.S. ceasefire proposal but firmly denies President Trump's claims that talks are underway with Tehran desperate to strike a deal. Stocks fall and oil rises as investors reassess the odds of a ceasefire with former Goldman Sachs CEO Lloyd Blankfein telling CNBC investors should tread carefully. G7 foreign ministers arrive for a key summit in France, as conflicts in the Middle East and Ukraine dominate the agenda. NATO's Supreme Allied Commander for Transformation tells CNBC the military alliance is confronting new forms of warfare and urges Europe to take on a greater leadership role.

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The U.S. government has reportedly provided Iran with a peace proposal even though Tehran continuously denies direct talks are happening. President Trump voices optimism that a deal can be struck. Oil prices fall as a result with Brent settling near the $100-mark while European and U.S. futures move to the green on hopes of de-escalation in the Gulf. Shell CEO Wael Sawan has warned that Europe could face potential fuel shortages by next month should the conflict continue while TotalEnergies CEO Patrick Pouyanné told CNBC at CERAWeek in Houston that refining margins are soaring to unprecedented levels.

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Iran denies it is in negotiations with Washington as President Trump announces he has postponed airstrikes on critical power plants and energy facilities in the country for five days and claims a peace deal could be close. Oil prices rebound following an initial drop in the price of Brent to below $100 for the first time in almost a fortnight on the back of Trump’s comments. US and European futures point south, giving back some of Monday’s gains. Apollo Global caps withdrawals from a $25bn private credit fund after investors sought more than 11 per cent of the total following its first monthly loss in more than three years.

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U.S. and Iran trade threats with President Trump warning he will target power stations should the Strait of Hormuz not be reopened. The Iranian leadership has hit back saying it will target energy and water supply facilities in the Gulf. South Korea’s KOSPI leads losses in Asia while European futures are in the read. Crude prices continue to rise with WTI surpassing the $100-mark once again. And precious metals are also on the decline with last week’s gold price slide the largest in more than 30 years.

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Israel continues to increase air strike on Iran overnight. Prime Minister Benjamin Netanyahu says the country’s uranium enrichment capabilities have been destroyed but signals the possibility of a ground invasion. Central banks across Europe defer any possibility of rate cuts with the ECB and BoE warning that the Middle East conflict has blurred the inflation outlook and will push up energy prices. European Council leaders plead for warring parties in the Gulf to cease attacks on key energy facilities as Hungary vetoes a €90bn loan to Ukraine over halted oil shipments.

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Iran strikes Qatar’s main LNG facility – one of the world’s biggest – following an Israeli attack on the giant South Pars gas field. President Trump has warned of stern intervention should retaliatory strikes continue. Equities in Europe are back in the red following a two-day winning streak. The Federal Reserve holds rates steady and signalling a single cut to come this year. Chairman Jerome Powell says it is too early to tell what impact the war in Iran could have on inflation.

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We hear exclusively from French finance minister Roland Lescure who says his country would be willing to aid the U.S. in securing the Strait of Hormuz but would require the conflict to de-escalate first. UK Chancellor of the Exchequer Rachel Reeves has warned the nation faces the possibility of higher inflation and borrowing costs due to the Iran war but tells CNBC it is on a far stronger footing today to absorb the shocks due to her fiscal reforms. Tehran fires a barrage of missile attacks at Tel Aviv following the killing of Iran’s senior-most security chief Ali Larijani. In the U.S., top counter-terrorism director Joe Kent resigns over the decision to go to war.

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President Trump looks to postpone his China trip, saying his focus remains on the conflict in the Middle East. The U.S. leader also hits out at European allies after several reject his demand to help escort tankers through the Strait of Hormuz. And in markets, futures point to a day in the red on Wall Street, with Trump again calling on the Fed to cut rates ahead of its meeting starting today, after the Reserve Bank of Australia fires the starting gun on a week of central bank action by tightening policy.

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