Iran delivered the draft to mediator Pakistan on Thursday evening, the IRNA news agency reported, without detailing its contents

Brent for June delivery, which hit a peak of $122.53 Wednesday, was sitting around $120 in Asian trade, while West Texas Intermediate was around $108.

Forced to import key raw materials from Asian countries at higher prices

Iran's foreign minister arrived in Islamabad on Friday and US envoys headed to the Pakistani capital in a bid to kickstart a new round of peace negotiations amid a fragile ceasefire.

Trump said in a statement on social media the US had agreed to a request by Pakistani mediators "to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal

The White House said Vice President JD Vance was ready to fly back to the Pakistani capital Islamabad

Contrary to analyses by some Western media, the US naval blockade of the Strait of Hormuz might achieve the precise opposite of its stated aims of submission of the Iranian regime, by empowering Tehran as a defiant power, and accelerating the very multipolar realignment Washington has long sought to contain.

Uncertainty grows after reopening reversed within hours

Officials in the 11-member delegation said Bangladesh pressed for additional funds to cover the shortfall caused by the energy crisis, beyond regular budget support

Trump welcomes Iranian announcement

Washington has reportedly sought a 20-year suspension of Iran's uranium enrichment program while Tehran has proposed suspending nuclear activity for five years -- an offer US officials rejected.

Bangladesh will need an additional $2.61 billion in foreign exchange to pay the surging energy and fertiliser import bills for March-June period.

Prolonged war could force subsidy rethink, says Zahed Ur Rahman

Officials from Pakistan, Iran and the Gulf also said negotiating teams from the US and Iran could return to Pakistan later this week

Strait traffic remains far below pre-war levels, industry sources report

Iran slammed a US blockade around its ports on Monday as a "grave violation" of its sovereignty, as Washington and Tehran's belligerent rhetoric rattled a fragile truce.

US President Donald Trump warned Monday that any Iranian attack boats that approach the American naval blockade around Iran's ports would be destroyed, despite international calls for a ceasefire to be respected and negotiations to resume

Here are details on the planned blockade and its implications for oil markets.

Both the Iranian and American delegations departed Pakistan without a deal

President Donald Trump said yesterday the US Navy would immediately start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran mediated by Pakistan failed to reach a deal to end the war, jeopardising a fragile two-week ceasefire.