Investing.com -- Iran has rejected a US ceasefire proposal, stating that truce and talks are not viable under current conditions, according to Fars News Agency citing an informed source on Wednesday.

Iran does not accept a ceasefire and considers US talks illogical, the source told Fars. The rejection comes despite what Iran describes as stepped-up US efforts to secure a ceasefire.

On Tuesday, Israeli Channel 12 reported that diplomatic efforts were underway to establish a one-month ceasefire mechanism between the United States and Iran.

The New York Times reported that the United States sent Iran a 15-point plan to end the war in the Middle East. The plan was delivered through Pakistan, whose army chief has become a key intermediary between the two countries, officials said.

Oil prices climbed following the headline but remained lower since rumors surfaced, while stocks pared gains.