Iran says it has responded to US proposal for ending war

Key Points:

• US National Economic Council Director Kevin Hassett acknowledged that consumers and businesses will face higher oil and gas prices in the short term due to the Iran war disrupting flow through the Strait of Hormuz, but expects prices to drop once the strait fully reopens in a month or two.
• The Strait of Hormuz, a critical chokepoint for about 20% of global oil and LNG shipments, remains effectively closed by Iran, causing Brent crude prices to surge from $73 to around $100 per barrel and US gas prices to rise above $4.50 per gallon.
• Israeli and Iranian officials remain defiant amid ongoing conflict, with Iran rejecting talks as surrender and Israel emphasizing the need to physically remove Iran’s enriched uranium, while the US continues diplomatic efforts but prepares for possible renewed hostilities.
• Iran has maintained a severe internet blackout since late February, restricting access to the global internet amid the conflict, while its new Supreme Leader Mojtaba Khamenei has met with military commanders signaling high readiness to respond to any aggression.
• A hardline faction within Iran’s government is actively opposing negotiations with the US, advocating resistance against Washington and Israel as a religious and ideological imperative, complicating prospects for a peace deal despite ongoing US diplomatic overtures.