TEHRAN: Iran has sent its latest proposal for negotiations with the United States to Pakistani mediators, state news agency Islamic Republic News Agency reported on Friday, a move that could improve prospects for breaking the impasse in efforts to end the ongoing Iran war.
IRNA did not provide details about the proposal, but global oil prices — which have surged since Iran imposed a blockade on the Strait of Hormuz — fell after the report.
The blockade of the vital sea route has disrupted around 20 per cent of the world’s oil and gas supplies, while the United States Navy continues to block Iranian crude exports. The situation has driven up energy prices and heightened fears of a global economic downturn.
It was not immediately clear whether the Iranian proposal had been conveyed to Washington.
A ceasefire has been in place since April 8, but reports that Donald Trump was to be briefed on plans for new military strikes to pressure Iran into negotiations had pushed global oil prices to a four-year high at one stage on Thursday.
Iran has activated its air defences and is preparing a broad response in case of an attack, after assessing that there could be a short but intense US strike, possibly followed by action from Israel, two senior Iranian sources told Reuters on condition of anonymity.
‘Treacherous aggression’
Washington has not clarified its next steps. Trump said earlier this week he was dissatisfied with Iran’s previous proposal, while Pakistan has yet to announce a date for fresh talks aimed at ending the war, which has killed thousands, mainly in Iran and Lebanon.
Following US and Israeli airstrikes on February 28, Iran targeted US bases, infrastructure and US-linked companies in Gulf states. Meanwhile, the Iran-backed group Hezbollah launched missiles at Israel, which responded with strikes on Lebanon.
Highlighting regional concerns, UAE presidential adviser Anwar Gargash said that the “collective international will and provisions of international law” were the main guarantees of freedom of navigation through the strait.
“And, of course, no unilateral Iranian arrangements can be trusted or relied upon following its treacherous aggression against all its neighbours,” Gargash wrote.
Trump faces a formal US deadline on Friday to end the war or seek congressional approval to extend it under the War Powers Resolution.
However, the deadline is expected to pass without changing the course of the conflict after a senior administration official indicated that, for the purposes of the resolution, hostilities had effectively ended due to the April ceasefire between Tehran and Washington.
Financial and energy markets remained on edge amid uncertainty over negotiations and fears that the Strait of Hormuz could remain closed for an extended period.
Global benchmark Brent crude futures for July slipped 0.4pc to $109.96 a barrel following the IRNA report, but were still set for a weekly gain of about 4.5pc after reaching $126 a barrel on Thursday — the highest level since March 2022.
Iran cautions against quick results
Iranian Foreign Ministry spokesman Esmaeil Baghaei warned on Thursday against expecting rapid progress from negotiations.
A senior official of Iran’s Islamic Revolutionary Guard Corps said any new US attack, even if limited, would trigger “long and painful strikes” on American positions in the region. Meanwhile, Aerospace Force Commander Majid Mousavi was quoted by Iranian media as saying: “We’ve seen what happened to your regional bases, we will see the same thing happen to your warships.”
Trump reiterated on Thursday that Iran would not be allowed to acquire a nuclear weapon and said gasoline prices — a key concern for his Republican Party ahead of November’s midterm elections — would “drop like a rock” once the war ends.
Iran maintains that its nuclear programme is intended solely for civilian purposes.
The conflict has worsened Iran’s already fragile economy, raising fears of a post-war crisis. However, despite the US blockade cutting off much of its energy exports, Tehran appears capable of sustaining a prolonged standoff in the Gulf for now.
The news site Axios reported that one option to be presented to Trump during a briefing by senior US military officials involved deploying ground forces to seize parts of the strait and reopen it to commercial shipping.
Trump is also weighing options such as extending the blockade or declaring a unilateral victory, officials said.
Washington has not yet announced any definitive course of action.
In a sign that US officials are also considering a scenario in which hostilities subside, a State Department cable — expected to be delivered to partner countries by May 1 — invited them to join a new coalition called the Maritime Freedom Construct, aimed at ensuring safe navigation through the strait.
Countries including France and Britain have discussed contributing to such a coalition, but indicated they would only act to reopen the Strait of Hormuz once the conflict comes to an end.