Overview
- Iran’s foreign ministry said Wednesday it is reviewing a U.S. peace proposal relayed by Pakistan after Washington paused its “Project Liberty” naval escorts to create space for talks.
- News outlets including Axios and Reuters report a one-page, 14-point memorandum that would declare an end to hostilities and launch 30 days of negotiations to reopen the Strait of Hormuz.
- President Trump said talks over the past two days were “very good” and warned of stronger strikes if Tehran refuses, while U.S. defense officials kept the ceasefire, saying recent incidents stayed below the combat threshold.
- Oil prices fell 7% to 12% on expectations of de-escalation, a move that could lower fuel costs and help free trapped cargo if the waterway reopens to normal traffic.
- Unresolved issues include how to verify an enrichment freeze, what to do with Iran’s highly enriched uranium, and how fast to lift sanctions, with Pakistan saying it expects a signature sooner rather than later.