Overview
- Iran is reviewing the latest U.S. proposal and was expected to relay a response through Pakistan on Thursday, with multiple reports describing a near‑final one‑page memorandum to end hostilities and launch 30 days of follow‑up talks.
- President Donald Trump warned Wednesday that “the bombing starts” if Iran rejects the offer, saying he believes Tehran wants a deal to reopen shipping and end the fighting.
- Project Freedom, the short‑lived U.S. naval escort plan to force a shipping lane, was paused Tuesday after the White House cited progress in talks, and NBC reported Saudi Arabia refused U.S. use of its airspace and base for the effort.
- U.S. Central Command said a fighter jet disabled an Iranian‑flagged tanker on Wednesday as it tried to breach the American blockade of Iranian ports.
- Oil prices fell toward $100 a barrel and shippers reported heavy weekly losses as hundreds of vessels remained bottled up by Iran’s effective closure of the Strait of Hormuz and the U.S. blockade of Iranian ports.