President Trump is voicing optimism for a peace deal with Iran, saying the war will be "over quickly" and insisting it's going "unbelievably well." However, he warned that if Iran rejects the latest U.S. proposal, he could order "higher level" military strikes.
Iran has yet to respond, with its foreign ministry spokesman stating the proposal is "still under review." Meanwhile, shipping intelligence firm Lloyd's List reports the Strait of Hormuz is effectively closed, as Iran has created a new "Persian Gulf Strait Authority" to approve ship transits and collect tolls.
Trump's comments have eased oil prices, with Brent crude and West Texas Intermediate both trading below $100 a barrel. Asian stocks rallied on hopes for an end to the conflict.
French President Emmanuel Macron condemned Iranian strikes on Emirati civilian infrastructure and called on both the U.S. and Iran to lift blockades on the strait.