Iran reviews US proposal as Hormuz talks continue

Iran says it is reviewing a United States proposal that could formally end the war, while key issues remain unresolved.

An Iranian Foreign Ministry spokesperson, quoted by Iran's ISNA news agency, said Tehran would convey its response.

The proposal is reported to leave open US demands that Iran suspend its nuclear programme and reopen the Strait of Hormuz.

US President Donald Trump said he believed Iran wanted an agreement.

He told reporters in the Oval Office that there had been very good talks over the last 24 hours and that a deal was very possible.

The latest development matters because the talks are tied to a wider conflict that has already contributed to a global energy crisis.

The Strait of Hormuz is a critical route for oil and gas shipments, and any change to its status could have immediate economic consequences.

Trump said a day earlier that he had paused "Project Freedom" to reopen the blockaded strait, citing progress in peace talks.

The waterway has been the focus of competing blockades, and the report says it threatens to cause a global recession.

The report says Iran has been pressing to keep Hormuz under its control.

It also says a fifth of global oil and gas supply passes through the strait, underlining why the negotiations are being watched closely.

US media outlet Axios said the two sides were getting close to an agreement on a 14-point document.

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