US awaits Iran response to latest peace proposal as diplomatic talks advance
Iran is expected to respond today to a US proposal to end the war, with both sides working toward a short memorandum of understanding. Markets surged Wednesday on hopes of a deal that would reopen the Strait of Hormuz, driving down oil prices significantly.
Peace Negotiations Intensify
Iran is expected to respond today to the US proposal to end the war, moving closer to an agreement on a short memorandum, sources told CNN. Trump said "We've had very good talks over the last 24 hours, and it's very possible that we'll make a deal," and expressed optimism about reaching an agreement before his scheduled trip to China next week.
Market Reaction & Oil Prices
US crude oil plunged by as much as 15%, to $88 per barrel, and international Brent crude oil fell as much as 11%, to $96 per barrel. Stocks were rising and oil prices were falling after Wall Street closed at record highs on hopes of a US-Iran peace deal, with the S&P 500, Nasdaq, and Dow Jones Industrial Average all closing at record highs on Wednesday.
Iran's Position
Iran has laid out a set of new rules for ships seeking to cross the Strait of Hormuz, according to a document seen by CNN, as Tehran seeks to cement control over the international waterway. Iran's president said he held a two-and-a-half-hour meeting with Mojtaba Khamenei, marking the first reported in-person meeting between a top Iranian official and the country's new supreme leader, who has not been seen publicly since his inauguration in March after US-Israeli strikes killed his father.
Infrastructure Reconstruction
Authorities in Iran began rebuilding the B1 bridge today, with full rebuilding taking less than a year, according to state media.