As the Iran-US-Israel war enters its 21st day on March 21, 2026, a significant diplomatic shift is emerging. US President Donald Trump has signalled he may be considering winding down military operations against Iran, describing American objectives as “nearly complete.” This development — coming on the same day that Iranians mark Nowruz, the Persian New Year — has sent shockwaves through global energy markets and raised hopes of a ceasefire, even as Iran’s IRGC launched its 70th wave of retaliatory strikes targeting over 55 locations across the region.

Trump’s “Winding Down” Statement: What Was Said

On Friday March 20, President Trump made his most significant public statement since the war began on February 28, telling reporters that he was “considering” winding down the military campaign. “I think our objectives against Iran are now coming to fruition,” Trump said, stopping short of announcing an immediate ceasefire but hinting that a transition to diplomatic engagement could be near. A senior White House official separately told reporters: “The President has been clear — Operation Epic Fury has achieved its core objectives. What comes next is a decision for the President to make.”

However, Trump also temporarily eased sanctions on Iranian oil shipments, a practical move to stem the global oil supply crisis triggered by Iran’s closure of the Strait of Hormuz. Oil prices, which had surged over 50% since the war began, showed a modest 3% decline on the news of a potential drawdown, though Brent crude remained above $110 per barrel.

Iran’s Response: 70th Wave of Strikes and Ceasefire Demands

Iran’s Islamic Revolutionary Guard Corps (IRGC) on Saturday announced the launch of its 70th wave of what it has dubbed “Operation True Promise 4,” targeting more than 55 locations across the region occupied by US and Israeli forces. These strikes included targeting drone attacks on a US diplomatic and logistics hub near Baghdad International Airport, with at least three strikes reported, one of which triggered a fire near the facility.

Iran’s Foreign Minister Abbas Araghchi firmly ruled out any temporary ceasefire, stating Tehran is open to dialogue but will only accept a permanent end to the conflict with firm guarantees and compensation for damages caused. Iran has maintained that any talks must be preceded by a complete end to US and Israeli airstrikes.

Iran also made headlines by launching two intermediate-range ballistic missiles targeting the Diego Garcia military base in the Indian Ocean, according to a Wall Street Journal report, marking a dramatic escalation that brought the war beyond the Middle East for the first time.

Three Weeks of War: Who is Winning?

As the conflict crosses three weeks, military analysts are assessing the evolving balance of power. The United States and Israel launched the war on February 28 with a massive air assault that killed Supreme Leader Ayatollah Ali Khamenei in the opening hours. Since then, the war has expanded dramatically beyond its initial scope.

Key facts from three weeks of the Iran War:

• Over 2,000 people killed, with the majority of casualties in Iran
• Oil prices up over 50% since the war began; Brent crude above $110/barrel
• Iran has closed the Strait of Hormuz, disrupting 20% of global oil trade
• The US bombed Kharg Island, Iran’s main oil export hub
• Iran has struck Gulf states including Qatar, Saudi Arabia, and UAE energy infrastructure
• Five European nations and Japan have pledged to contribute to Hormuz security
• Trump called NATO allies “cowards” for not helping open the Strait of Hormuz

Impact on India and Asia

For India, the war has created a multi-layered crisis. Indian LPG cylinder prices jumped by Rs 60 in early March, and further hikes are expected if the Strait of Hormuz remains closed. Prime Minister Narendra Modi has been in active contact with leaders from Qatar, France, Jordan, and Oman to discuss the evolving Middle East situation. India’s strategic calculus is delicate: it maintains strong ties with both the United States and Iran, and depends heavily on Gulf oil imports.

The Indian government confirmed on March 19 that 22 India-bound ships are currently positioned west of the Strait of Hormuz with 611 sailors onboard, all reported safe. The Ministry of External Affairs has urged all Indian nationals in the conflict zone to exercise maximum caution.

Diplomatic Developments: Oman and Egypt Try to Mediate

Despite the military posturing, diplomatic back-channels remain active. Oman, which had mediated Iran-US talks before the war began, has reportedly tried multiple times to open a line of communication between Washington and Tehran. Egypt has also attempted to broker peace. However, both Iran and the United States have so far rejected ceasefire frameworks. Washington insists on “full objectives being met” while Tehran demands a permanent end to strikes and financial compensation before any negotiations begin.

What Lies Ahead on Day 21

The next 48-72 hours are being described by defence analysts as potentially decisive. The USS Tripoli, carrying over 2,000 Marines, is expected to enter the northern Arabian Sea by March 22-23 and could be deployed to force open the Strait of Hormuz or conduct operations near Iran’s Kharg Island. This development, combined with Trump’s “winding down” signal, suggests the US may be looking to deliver a final decisive blow before moving toward a ceasefire, rather than pursuing an indefinite military campaign.

For Press of Asia readers, here is the war status as of March 21, 2026:

• War enters Day 21, conflict shows signs of possible de-escalation
• Trump hints at winding down but no formal ceasefire announced
• IRGC launches 70th wave of strikes, targets 55 US-Israeli positions
• Iran hits Diego Garcia base with ballistic missiles
• USS Tripoli with 2,000 marines heads to Hormuz zone
• Iran FM rejects temporary ceasefire, demands permanent peace with compensation
• Oil prices remain elevated at $110+ per barrel
• India monitors 611 sailors trapped west of Hormuz

The world watches with bated breath on Nowruz, the Persian New Year, as Iran fights a war on its soil for the first time since the 1980s. Press of Asia will continue to provide live updates on this rapidly evolving situation.