US President Donald Trump called Iran's response to Washington's latest proposal to end the war "completely unacceptable." "I just read the response from the so-called 'representatives of Iran.' I don't like it - it’s absolutely unacceptable!" - the US president posted on the social network Truth Social on Sunday, May 10.
Earlier that same day, Iranian state media reported that the Pakistani side conveyed Iran's response to US representatives regarding the American proposal on conflict resolution. Accepting this proposal would mean that Iran would submit to Trump's 'excessive demands,' reported Press TV. In Iran's counter-proposal, it allegedly included a call to end the war in the region 'on all fronts' and for the United States to pay military reparations.
Iran is ready to open the Strait of Hormuz if the US lifts the blockade.
According to The Wall Street Journal, Tehran refused to dismantle its nuclear facilities and offered to impose a moratorium on uranium enrichment for a shorter duration than what was demanded in Washington. At the same time, Iranian authorities agreed to transfer enriched uranium to a third country but demanded guarantees for its return in case the negotiations failed, the publication claims citing sources.
Tehran has proposed a phased reopening of the Strait of Hormuz for commercial shipping. However, the authorities of the Islamic Republic insist that this process must start simultaneously with the lifting of the US blockade on Iranian vessels and ports.
Oil prices increased due to tensions in the Middle East.
Global oil prices surged at the market open on May 11 due to diminishing hopes for a quick resolution to the Middle Eastern conflict. The price of Brent crude rose by more than 4 percent by Monday morning, exceeding $105 per barrel. WTI crude jumped nearly 5 percent, trading above $100 per barrel.