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Iran's UN envoy stated that ending the war is the only way to resolve the Strait of Hormuz crisis, stressing Tehran's firm position as tensions rise. The statement calls for peaceful dialogue and warns against regional militarization.
US President Donald Trump said on May 6 that he has had 'very good' negotiations with Iran over the past 24 hours and that a deal is 'very likely,' as Tehran reviews a US peace proposal that sources say could formally end the war. Trump said Iran should suspend its nuclear program and reopen the Strait of Hormuz, while threatening to resume airstrikes if talks fail. Iran's foreign ministry downplayed reports of an imminent deal, and a semi-official Iranian news agency said the US proposal contains unacceptable terms.
Iranian Foreign Minister Abbas Araghchi visited Beijing as US-Iran mediation efforts accelerated. Analysts said shared US-China interests in reopening the Strait of Hormuz could pave the way for peace. China’s balancing act and its role as a key economic lifeline for Tehran give Beijing a potential window for diplomacy.
Iran’s Revolutionary Guards Navy has promised safe passage through the Strait of Hormuz once U.S. threats end and new procedures are set, after President Trump paused a military operation guiding ships through the waterway. The move follows Iran’s creation of a new authority to manage the strait, which it blocked in late February after U.S.-Israel attacks. A French container ship was attacked in the strait on May 6, and Gulf economies continue to lose $700 million daily due to disrupted oil shipments.
President Donald Trump announced on April 27 that he is pausing a new initiative to break Iran's grip on the Strait of Hormuz, citing the possibility of an imminent peace deal with Tehran. The move follows indirect talks between the two sides aimed at reducing regional tensions.
The US has reversed its decision to escort commercial ships through the Strait of Hormuz after Pakistan mediated between Washington and Tehran, signaling an apparent concession to Iran's demand to prioritize ending the conflict before nuclear talks. Experts say this marks a significant shift from Washington's earlier insistence on dismantling Iran's nuclear program as a precondition.
President Trump announced a pause in the 'Project Freedom' operation in the Strait of Hormuz, citing progress in talks with Iran. Secretary of State Rubio confirmed the attack phase is over, but military leaders warned of readiness to resume. Iran criticized U.S. pressure, while diplomatic efforts involving China continue.
US gas prices have surged 50% since the US and Israel launched military operations against Iran, with the average reaching $4.48 per gallon. A blocked Strait of Hormuz has exacerbated global energy shortages, driving crude oil prices higher. Despite a brief ceasefire in April, prices continue to climb, fueling inflation and political pressure on President Trump.
Saudi Arabia's Finance Ministry reported a budget deficit of 125.7 billion riyals ($33.5 billion) in Q1 2026, more than double the figure from a year earlier. The deficit surged due to a drop in crude oil revenue as the Strait of Hormuz was effectively closed, while government spending rose 20%.
