Reports indicate Tehran conveyed “written messages” to Washington through Pakistan, outlining its red lines in negotiations, including conditions related to its nuclear programme and maritime security. The proposal reportedly includes reopening the Strait of Hormuz—through which roughly one-fifth of global oil and LNG flows—in exchange for the US lifting its blockade on Iranian ports.
The White House confirmed that Trump discussed the proposal with advisers but declined to reveal whether it would be accepted. US Secretary of State Marco Rubio criticised Iran’s position, saying any arrangement requiring Tehran’s approval for passage through the strait would be unacceptable.
Iran’s envoy to the United Nations, Amir Saeid Iravani, said Tehran would require guarantees that the US and Israel would not launch further attacks before offering security assurances in the Gulf.
Diplomatic momentum has slowed after Trump cancelled a planned Islamabad visit by envoys Steve Witkoff and Jared Kushner, dampening earlier optimism for progress.
Meanwhile, Russian President Vladimir Putin told Iranian Foreign Minister Abbas Araghchi that Moscow would work to help end the conflict during their meeting in St. Petersburg.
In financial markets, oil prices continued their upward trend, with Brent crude nearing $110 per barrel amid ongoing supply concerns. Equity markets, however, struggled for direction, with declines in several Asian indices including Tokyo, Hong Kong, and Shanghai, while some regional markets posted modest gains.
Investors are also closely watching upcoming central bank decisions from the Federal Reserve, the European Central Bank, and the Bank of England, amid fears that rising energy costs could fuel another wave of inflation.
Corporate earnings are another key focus this week, with major firms such as Apple, Microsoft, and ExxonMobil set to report, alongside broader market indicators shaping investor sentiment.
