Iran's rejection of a proposed 15-point U.S. ceasefire agreement is causing credit markets to price in further geopolitical escalation. If negotiations are truly nonexistent, broader markets may reverse recent gains made on peace hopes; however, if the rejection is a leverage tactic, a ceasefire could eventually be priced in more aggressively. The proposed deal reportedly involves Iran relinquishing nuclear weapons in exchange for the U.S. lifting sanctions.