Calm holds in Hormuz as Iran weighs Washington's peace proposal
There has been no military exchange around the Strait of Hormuz in the past 48 hours, with Iran still weighing Washington's latest peace proposal. Ankara, Beijing and New Delhi are all waiting on Tehran's formal answer.
According to the US Fifth Fleet command in Bahrain, no engagement has been recorded in the Strait of Hormuz over the past 48 hours. Threat statements from the Iranian Revolutionary Guard Corps Navy in the same window stayed at the level of rhetoric, with no observed escalation in the field. Tehran is still weighing Washington's latest peace package inside its national security council.
The core terms of the proposal are reported to be guaranteed safe passage along Hormuz, the wind-down of the Pentagon's 'Project Freedom' operation and a phased easing of US technology sanctions on Iran. Turkey's foreign ministry and India's government say they would be the two main beneficiaries of any deal as energy corridor users.
Markets opened the week with a modest rise in Asian equities and crude futures stabilising near $80. Investors are watching whether Beijing's pressure ahead of the Trump-Xi summit can accelerate Tehran's response. US Treasury Secretary Scott Bessent hinted that a durable ceasefire could trigger a reasonable easing of the sanctions regime.
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