A cargo ship was attacked near the Strait of Hormuz, escalating tensions as Iran simultaneously put forth a new peace proposal to the United States. The proposal outlines a 30-day timeframe to resolve outstanding issues and end the ongoing conflict, contingent on sanctions relief and the withdrawal of U.S. forces.

Attack on Cargo Vessel

The United Kingdom Maritime Trade Operations center confirmed on Sunday that a cargo ship was attacked by several small vessels in the vicinity of the Strait of Hormuz. This incident marks at least the twenty-fourth reported attack in and around the strait since the start of hostilities involving Iran.

All crew members aboard the northbound vessel are reported safe. The attack occurred off the coast of Sirik, Iran, east of the strait. Iranian authorities currently maintain control over the strait, permitting passage for vessels not affiliated with the United States or Israel upon payment of a toll.

No Claim of Responsibility

Currently, no entity has claimed responsibility for the attack, which is the first reported since April 22nd, when another cargo ship reported being subjected to gunfire. The threat level in the region remains critically high, with Tehran effectively restricting passage through the strait by attacking and intimidating ships.

Iran’s Peace Proposal

Iran has presented a new proposal to the United States, aiming for a resolution of outstanding issues within 30 days. The proposal, as reported by Iran’s state-linked media, seeks to end the ongoing conflict, rather than simply extending the current ceasefire.

Key demands within the proposal include the lifting of U.S. sanctions, the termination of the U.S. naval blockade of Iranian ports, the withdrawal of U.S. forces from the region, and a cessation of all hostilities, including Israel’s operations in Lebanon. The proposal notably does not address Iran’s nuclear program or its enriched uranium stockpile, deferring these issues for later discussion.

Diplomatic Efforts

The proposal was conveyed to the U.S. through Pakistan, which recently hosted direct talks between Iranian and American representatives. Pakistani officials are actively encouraging direct communication between the two nations. Iranian Foreign Minister Abbas Araghchi also discussed the matter with Oman’s Foreign Minister Badr al-Busaidi, who previously facilitated negotiations.

Strait of Hormuz and Economic Impact

President Trump previously proposed a plan to reopen the Strait of Hormuz, a critical waterway for global trade, handling approximately 20% of the world’s oil and natural gas supply. Iran’s control of the strait, established on February 28th, has caused significant disruption to global markets.

However, Iranian officials have firmly stated their unwillingness to relinquish control of the strait, asserting that conditions will not revert to pre-conflict levels. The U.S. has cautioned shipping companies against paying Iran any form of compensation, including digital assets, for safe passage.

The U.S. naval blockade, in effect since April 13th, is hindering Iran’s oil revenue. U.S. Treasury Secretary Scott Bessent estimates Iran has collected less than $1.3 million in tolls, a fraction of its previous daily oil earnings, and predicts Iran will soon be forced to curtail oil production. The Iranian rial continues to depreciate, reaching 1,840,000 rials per U.S. dollar on Sunday, signaling further economic instability.