Iran sends new peace proposal to US through Pakistan as oil prices fall amid renewed hopes

Iran has sent a fresh proposal for negotiations with the United States through Pakistani mediators, according to Iranian state news agency IRNA.

IRNA did not release details of the proposal, but reports of the diplomatic effort caused global oil prices to fall after recent sharp increases linked to tensions in the region.

The conflict has heavily disrupted energy markets after Iran blockaded the Strait of Hormuz, a critical shipping route carrying around 20 per cent of the world’s oil and gas supplies.

The United States Navy has also been blocking exports of Iranian crude oil adding to fears of a wider economic slowdown .

It remains unclear whether the Iranian proposal has been formally passed to Washington yer or not.

A ceasefire has technically remained in place since April 8, but tensions rose again after reports that Donald Trump was expected to review possible new military strikes aimed at forcing Iran back into negotiations.

Reuters reported that two senior Iranian officials said Tehran has activated air defences and is preparing for a possible short but intense US attack, potentially followed by Israeli strikes.

Trump said earlier this week that he was dissatisfied with Iran’s previous proposal.