Washington sent Tehran a 15-point plan to end the war, delivered through Pakistani intermediaries. Channel 12 reported the proposal includes a one-month ceasefire, surrender of Iran’s 450 kg stockpile of 60%-enriched uranium, enhanced UN inspections, ballistic missile range limits, and reductions in proxy support. The US wants in-person talks in Pakistan as early as Thursday.
Brent crude fell 5-7% to ~$97-99/bbl, its first dip below $100 since mid-March. WTI dropped to ~$87. Asian equities rallied: Nikkei +2.3%, KOSPI +2.6%.
Separately, Iran’s UN mission announced that “non-hostile” vessels may transit Hormuz “in coordination with the competent Iranian authorities,” provided they do not support aggression against Iran. US- and Israel-linked ships remain excluded. Only 5 vessels transited Monday against a pre-crisis average of ~120/day, so the practical impact is marginal, but the UN communication formalizes the selective blockade as official Iranian policy.
Iran’s military dismissed Trump’s claims of active negotiations. Strikes continued overnight: 12 killed in south Tehran; Iranian drones hit Kuwait airport’s fuel tank. The gap between diplomatic signals and battlefield reality remains the defining feature of Day 25.