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Iran Delivers New Proposal to US as Hormuz Remains Shut

Iran delivered a new proposal to the U.S. and President Donald Trump vowed to maintain a naval blockade, as the two sides pursue behind-the-scenes diplomacy to turn a fragile ceasefire into a lasting peace.

Tehran relayed its latest position to Washington via Pakistan, which mediated a first round of direct negotiations last month, Iran’s state-run Islamic Republic News Agency said on Friday.

The fate of the Strait of Hormuz—through which about a fifth of the world’s oil and liquefied natural gas flowed before the war—lies at the heart of the current stalemate. Both Iran and the U.S. have signaled they are waiting for the other to move first before they agree to ease restrictions on traffic.

IRNA didn’t elaborate on what the Iranian proposal entailed on key issues such as Hormuz or Iran’s nuclear activities.

Trump said on Thursday that the blockade of Iranian ports is depriving the Islamic Republic of much-needed oil revenue, claiming the pressure would force Tehran back to the negotiating table.

“Good luck blockading a country with those borders,” Iran’s Parliament Speaker Mohammad Bagher Ghalibaf said on X, referring to his country’s large size. He and other Iranian officials say the blockade, which they insist must be lifted for the sides to go to new talks and for Hormuz to be reopened, will further push up oil prices.

Brent traded 3% lower at around $110 a barrel on Friday, trimming this week’s gains to just over 5%.

Trump was briefed at the White House on Thursday by the head of U.S. Central Command, which oversees American forces in the Middle East, and Dan Caine, the chairman of the Joint Chiefs of Staff, according to Axios, which cited two unnamed U.S. officials. Axios reported earlier that Centcom had prepared a plan for a brief wave of strikes to break the negotiating deadlock.

The U.S. is pitching allies on a joint naval force to secure the Strait of Hormuz. New Zealand said it had received the proposal but would only support a U.S.-led coalition if a sustainable ceasefire was in place. The effort, called the “Maritime Freedom Construct,” was spelled out in a State Department cable to US embassies on Tuesday that called on diplomats to press foreign governments into signing up, the Wall Street Journal reported.

On Thursday, Iran’s new supreme leader, Mojtaba Khamenei, cast doubt on the likelihood of a deal. He gave a rare statement in which he vowed not to give up the country’s nuclear or missile technologies. He also signaled Tehran would keep control of the Hormuz strait.

Here’s more on the war:

• Iran activated air defenses around capital Tehran late on Thursday to counter reconnaissance drones. It’s unclear what led to the activation.
• S. Defense Secretary Pete Hegseth sparred with lawmakers on Thursday as Democrats stressed the Iran war was nearing the 60-day threshold that triggers a requirement, per the War Powers Act, of Congressional authorization for any further action.
• Democrats say the Pentagon is underestimating the cost of the conflict. One U.S. Senator said the $25 billion figure it gave this week was “probably less than half, maybe less than a quarter, of the total cost of war.”
• Trump invited Iraq’s prime minister nominee to visit Washington after he forms a new government, as the U.S. seeks to limit Iran’s influence on the Arab country. In a telephone call, Trump and Ali al-Zaidi discussed “ways to develop and strengthen” bilateral relations between the U.S. and Iraq in various fields,” according to a statement from the Iraqi premier’s office.
• Signs of strain on the Iranian economy have emerged in recent days, with the currency weakening to a fresh low.

Top photo: USS Abraham Lincoln conducts U.S. blockade operations related to the Strait of Hormuz in the Arabian Sea on April 16. Source: U.S. Navy/Getty Images. Bloomberg.