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The United States and Iran are considering a new proposal to end their nearly 10-week war.
President Donald Trump stated that a condition for any deal is that Iran cannot possess nuclear weapons.
A proposed one-page agreement between the U.S. and Iran would include an immediate end to hostilities followed by a 30-day negotiation period.
Negotiations under the proposed U.S.-Iran deal would cover lifting mutual blockades, reopening the nuclear file, and the fate of Iran's highly enriched uranium stockpile.
Iran possesses a stockpile of more than 400 kilograms of uranium enriched to 60% or higher.
Iran is seeking significant sanctions relief from the U.S. in exchange for concessions on its nuclear program.
President Donald Trump has a summit scheduled next week in Beijing with Chinese President Xi Jinping.
The Israeli army conducted a precision strike in the southern suburbs of Beirut, killing Ahmed Ali Balut, the commander of Hezbollah's elite Radwan force.
Iran has previously threatened to withdraw from its ceasefire with the U.S. if Israel continues its attacks in Lebanon.
President Donald Trump threatened last week to increase tariffs on European Union cars and trucks from 15% to 25%.
A 30-day closure of the Strait of Hormuz would remove an estimated 450 million barrels of oil from the market, according to RBC calculations.
Iran has established a new 'Persian Gulf Strait Authority' to control vessel transit through the Strait of Hormuz.