• Tehran has sent Donald Trump a 14-point proposal to end the US-Iran war.
• The president said he would review it, but doubted it would be acceptable.
• Oil prices have soared since the start of the war in February.

Iran has submitted a response to a US plan to end the war between the two countries, and President Donald Trump says he is reviewing it.

Guarantees of non-aggression, the withdrawal of US military forces from the areas surrounding Iran, and the lifting of the naval blockade of Iran's ports are among the 14-point proposal submitted via mediators in Pakistan, according to Tasnim News Agency, a semi-official news agency associated with the Islamic Revolutionary Guard Corps.

Iran is also asking for the release of its frozen assets, payment of compensation, removal of sanctions, and ending the war on all fronts, including Lebanon, as well as a new mechanism for the management of the Strait of Hormuz, Tasnim reported.

Tehran stressed that the issues must be resolved within 30 days and that the focus should shift from extending the ceasefire to "ending the war."

"I will soon be reviewing the plan that Iran has just sent to us, but can't imagine that it would be acceptable in that they have not yet paid a big enough price for what they have done to Humanity, and the World, over the last 47 years," Trump said in a Truth Social post on Saturday.

Oil prices have surged since the US and Israel attacked Iran on February 28. A two-week ceasefire, starting April 8, has since been extended indefinitely, but has done little to bring down oil prices. The Strait of Hormuz, a narrow waterway through which 20% of the world's oil passes, remains tightly controlled by Tehran.

HFI Research, an investment research firm specializing in energy markets, outlined a grim series of events that could unfold in oil markets as the Iran war wraps up its second month with no peace deal in sight.

Meanwhile, Mark Malek, the chief investment officer at Siebert Financial, told Business Insider he expects a second wave of inflation caused by the Iran war.

"The gas pump is only the opening act. The real household inflation hit comes later, hidden inside everyday products," he said.