Iran says it got a U.S. response to its peace proposal as its currency hits a new record low

Key Points:

• Iranian Foreign Minister Abbas Araghchi presented the U.S. response to Iran’s proposal for reopening the Strait of Hormuz to President Masoud Pezeshkian, but officials did not disclose whether the response was a rejection or acceptance.
• Araghchi’s proposal included lifting U.S. sanctions, releasing frozen Iranian assets, and waiving sanctions on Iranian oil sales; however, President Trump publicly rejected the offer, though mediators continued efforts to broker a deal.
• The U.S. Treasury Department imposed new sanctions targeting individuals and companies accused of supporting Iran’s military supply chain, as part of a broader campaign to cut off financial resources to Iran amid ongoing conflict.
• Iran’s economy is deteriorating rapidly, with the rial hitting record lows against the U.S. dollar, reflecting the economic strain caused by the conflict and sanctions; President Trump claimed Iran is “failing very badly” and predicted the war would end soon.
• Iran executed two men for their involvement in violent protests in January, which were part of widespread unrest triggered by economic hardship and currency collapse; the crackdown resulted in thousands of deaths and arrests according to rights groups.