Overview
- Trump, who reviewed Iran’s plan with advisers Monday, was described by a U.S. official as unhappy with terms that postpone nuclear limits.
- Iran proposed reopening the Strait of Hormuz if the U.S. lifts its naval blockade and ends the war, a paper Pakistan passed to Washington after Foreign Minister Abbas Araghchi shuttled through Islamabad, Oman, and Russia to meet Vladimir Putin.
- Senior U.S. figures rejected the sequencing, with Secretary of State Marco Rubio calling the offer unacceptable and the White House saying it will not negotiate through the press and that red lines remain clear.
- Shipping through Hormuz has collapsed from about 125–140 daily transits before the war to single digits, with data showing at least six Iranian oil tankers turned back by the U.S. blockade and only a trickle of non‑oil traffic getting through.
- Brent crude hovered near $109 and WTI near $97 after fresh gains, traders and prediction markets cut odds of a quick deal, and analysts warned flows would take months to normalize even with an agreement due to mines, damage, and backlogs.