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The United States and Iran have failed to agree on terms to end the 10-week war in the Middle East, with both sides rejecting each other's latest peace proposals.
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The ongoing 70-day conflict between the U.S. and Iran has resulted in the complete closure of the Strait of Hormuz.
President Trump described Iran's latest peace proposal as "totally unacceptable."
As part of its peace proposal, Iran demanded that its frozen assets be released and that its oil sales be exempt from sanctions.
According to a Wall Street Journal report confirmed by Bloomberg, Iran's peace proposal included an offer to move some of its highly enriched uranium to a third country but refused to completely dismantle its nuclear program.
Key points of disagreement in U.S.-Iran peace talks include the handling of Iran's highly enriched uranium, control over the Strait of Hormuz, Iran's support for proxy forces, and its missile program.
The Trump administration proposed that Iran permit passage through the Strait of Hormuz and that Washington end its blockade on Iranian ports within the next month, with nuclear talks to follow.
Israeli Prime Minister Benjamin Netanyahu stated that the conflict with Iran is not over because Iran still possesses enriched uranium that must be removed and enrichment sites that must be dismantled.
Israeli Prime Minister Benjamin Netanyahu stated his desire to end U.S. financial support for Israel's military over the next decade.
A two-day summit in Beijing between President Trump and President Xi Jinping will discuss a trade framework covering commodities such as Boeing aircraft, soybeans, and rare earths, as well as export controls on AI semiconductors.
U.S. Trade Representative Jameson Greer stated that China's purchases of Iranian oil will be a major focus of the upcoming U.S.-China summit.