Iran offers US a proposal for reopening the Strait Of Hormuz

Iran gave the United States (US) a new proposal to reopen the Strait of Hormuz and end the war that includes putting off nuclear negotiations, Bloomberg reported an Axios story on Monday, citing a US official.

The plan called for extending the ceasefire so both countries can work toward a permanent end to the fighting, Axios said. Nuclear talks would come later, only after a US blockade of the Strait of Hormuz were lifted. The source said Pakistani mediators gave the proposal to the White House, but it’s unclear whether the US wants to explore it.

Market reaction

At the time of writing, the West Texas Intermediate (WTI) is up 0.33% on the day at $93.70.