US special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araqchi have spoken by phone several times since Israel began its strikes on Iran last week, Reuters reports.

The news has trimmed some of the rally in oil, which is now trading up $1.32 to $74.82.

Araqchi said Tehran would not return to negotiations unless Israel stopped the attacks, the report said. It also says that “the (first) call was initiated by Washington, which also proposed a new offer” to overcome the deadlock over clashing red lines.

It’s all a guessing game at this point, with plenty of signs of both attacks and of a potential quick peace.