Iran says it sent response to US peace proposal

Iran has sent its response to a U.S. proposal to begin peace talks to end the war, Iranian state media reported on Sunday, as two carriers were allowed to pass through the blockaded Strait of Hormuz.

The response, sent to mediator Pakistan, focused on ending the war on all fronts, especially Lebanon, and on the safety of shipping through the strait, Iranian state TV said, without indicating how or when the vital waterway might reopen.

A Pakistani government official involved in the talks said Pakistan received Iran’s response and sent it to the U.S. The source did not provide further details about the proposal.

Michael Waltz, U.S. Ambassador to the UN, said the Trump administration had not yet received Iran’s response, noting that part of the difficulty in negotiating with Tehran stems from the country’s leadership.

“We know that Mojtaba [Khamenei], the new Ayatollah, the previous Ayatollah’s son, has been severely injured. He’s in hiding. He’s incredibly difficult to get a hold of, yet the IRGC is still deferential to some degree, so that is making the negotiations go longer and slower, I think, than anyone would like,” he said Sunday in an interview with ABC’s “This Week.”

“But at the same time, those negotiations and that diplomacy is ongoing,” he said. “So we’ll see what they come back with.”

After some 48 hours of relative calm following sporadic clashes last week, hostile drones were detected over several Gulf countries on Sunday, underlining the threat still facing the region despite a month-old ceasefire.

Tanker crosses Strait of Hormuz

A Qatari natural gas tanker crossed the strait on Sunday for the first time since the start of the Iran war, heading for Pakistan, while Washington continued to wait for Tehran’s response to its latest proposals to begin peace talks.

After some 48 hours of relative calm following sporadic clashes last week that have shaken a month-old ceasefire, Kuwait detected several hostile drones in its airspace early on Sunday, authorities said.

But the QatarEnergy-operated carrier Al Kharaitiyat passed safely through the strait and was heading for Pakistan’s Port Qasim, according to data from the shipping analytics firm Kpler, making it the first Qatari vessel carrying liquefied natural gas to cross the strait since the U.S. and Israel started the war on Feb 28.

Sources said earlier that the transfer, which offered a modicum of relief to Pakistan after a wave of power blackouts caused by a halt to vital gas imports, had been approved by Iran to build confidence with Qatar and Pakistan, both mediators in the war.

In addition, a Panama-flagged bulk carrier bound for Brazil that had previously attempted to transit the strait on May 4, passed through, using a route designated by Iran’s armed forces, Iran’s semi-official Tasnim news agency reported on Sunday.

Trump is under pressure to end war ahead of China visit

With U.S. President Donald Trump due to visit China this week, there has been mounting pressure to draw a line under the war, which has ignited a global energy crisis and poses a growing threat to the world economy.

ot suffer severe economic pressure from a U.S. blockade for about another four months, according to a U.S. official familiar with the matter.

A senior intelligence official characterized as false the “claims” about the CIA analysis, which was first reported by the Washington Post.

The U.S. has also found little international support in the conflict, with NATO allies refusing calls to send ships to open the strait without a full peace deal and an internationally mandated mission.

Britain, which has been working with France on a proposal to ensure safe transit through the strait once the situation stabilizes, said on Saturday it was deploying a warship to the Middle East in preparation for such a multinational mission.

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Saudi Aramco Q1 profit jumps 26% amid Iran war

Saudi Aramco reported a 26% year-on-year jump in first-quarter profits on Sunday, beating analyst forecasts, as a key pipeline allowing it to circumvent the choked-off Strait of Hormuz reached full capacity.

Adjusted net income for Q1 2026 stood at $33.6 billion, compared with $26.6 billion in the same period last year, the Saudi Arabian energy giant told CNBC in a statement. The Q1 figure was a 34% increase on the $25.1 billion profit in the previous quarter.

Analysts had expected a Q1 adjusted net income of $31.2 billion, Aramco said.

“Our East-West Pipeline, which reached its maximum capacity of 7.0 million barrels of oil per day, has proven itself to be a critical supply artery, helping to mitigate the impact of a global energy shock and providing relief to customers affected by shipping constraints in the Strait of Hormuz,” Aramco CEO Amin Nasser said in a statement.

Iran’s blockade of the Strait of Hormuz has resulted in the loss of nearly a billion barrels of oil, with the shortage growing worse every day the sea lane remains closed.

Oil prices ticker higher Friday after Iran fired missiles at the United Arab Emirates again and the U.S. struck two Iranian tankers that tried to evade its naval blockade.

International benchmark Brent crude futures added around 1% to close at $101.29 per barrel. U.S. West Texas Intermediate futures settled marginally higher at $95.42 per barrel.

Brent crude prices rose by 95% over the first quarter, and are up 67% year-to-date.

The world’s energy system will change in big ways as a result of the Iran war, the CEOs of key oil and gas companies told investors on their earnings calls over the past two weeks.

The disruption has demonstrated the fragility of the global energy system, said Olivier Le Peuch, CEO of the big oilfield services company SLB.

Aramco reported a gearing ratio of 4.8% at the end of Q1.

The company’s board approved a base dividend of $21.9 billion for the first quarter, a 3.5% increase year-on-year, Aramco said.

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