Iran is reviewing a one-page U.S. peace proposal aimed at formally ending the ongoing war, as President Donald Trump expressed optimism for a quick resolution. Iranian Foreign Ministry spokesperson Esmaeil Baghaei stated that Tehran received messages via Pakistani mediators and has not yet concluded its review, with a response expected Thursday. Trump told reporters the deal is "very possible" after recent talks and predicted the conflict would be "over quickly."

The U.S. proposal outlines a three-stage framework: declaring an end to hostilities, resolving the Strait of Hormuz crisis, and initiating 30 days of negotiations on broader issues. It calls for Iran to halt uranium enrichment for 12 years, remove its stockpile of over 400 kilograms of near-weapons-grade uranium, and reopen the strait to commercial traffic within 30 days. In exchange, the U.S. would lift sanctions and release frozen Iranian assets worth billions. Trump emphasized unity with European leaders, saying, "Iran can never have a Nuclear Weapon."

This follows Iran's submission of a 14-point counterproposal last week, which demanded a U.S. withdrawal of forces near its borders, an end to the naval blockade of its ports, cessation of hostilities, including Israel's actions in Lebanon, and resolution of all issues within 30 days without immediate nuclear discussions. Trump dismissed that plan as unacceptable, stating Iran had not paid a sufficient price for decades of actions.

The conflict escalated in recent months after Iranian attacks on U.S. warships in the Strait of Hormuz prompted American strikes on missile sites, drone facilities, and command centers. A fragile ceasefire took hold around April 7, but incidents persist, including U.S. targeting of an Iranian oil tanker and mutual fire in the strait yesterday. Iran has imposed strict protocols on strait transit, nearly halting shipping and spiking global energy costs.

Key disputes center on Iran's nuclear program, which Tehran insists is civilian, and control of the Strait of Hormuz, through which one-fifth of world oil passes. Iran proposes diluting uranium and suspending enrichment for 10-15 years, but rejects facility closures or full stockpile removal. Trump paused a U.S. naval operation to escort ships through the strait, citing negotiation progress, while warning of renewed strikes if no agreement emerges.

Markets reacted to deal hopes, with Brent crude falling 3% to $98 per barrel before rebounding. U.S. gas prices stand at $4.56 per gallon. Negotiations, led by U.S. envoys Steve Witkoff and Jared Kushner, continue amid military posturing, including new U.S. sanctions on Iran-linked figures.

Iranian leaders met to discuss the proposal, signaling internal deliberations as the ceasefire holds tenuously.