Oil Prices Spike as U.S. Expands Naval Blockade; Iran Offers Conditional Peace Terms

Global energy markets experienced a sharp 15% surge in oil prices over the last 24 hours as the United States expanded its naval blockade against Iran to include the Malacca Strait. U.S. forces are now interdicting and apprehending Iranian-linked vessels in the strategic waterway, leading to warnings of prolonged supply chain instability. In response to the intensifying economic pressure and deepening humanitarian crises, Iran has utilized Pakistani mediators to offer a peace proposal. Tehran’s offer includes reopening the Strait of Hormuz and ending the war if the U.S. lifts its blockade; however, the proposal explicitly postpones nuclear negotiations. President Trump has characterized de-escalation as essential but has rejected any terms that allow Iran to retain its nuclear capabilities. The President stated that Tehran must engage in direct talks with the U.S. rather than through intermediaries. Meanwhile, U.S. military planners are reportedly evaluating further options to neutralize Iranian power, including the potential seizure of Hag Island or the deployment of Marines to secure the Strait of Hormuz. The humanitarian toll of the conflict, which began on February 28, continues to mount. Reports indicate at least 3,375 deaths in Iran and over 2,500 in Lebanon. Despite an indefinite extension of the April 7 ceasefire, violence persists. In southern Lebanon, a Hezbollah drone strike killed one Israeli soldier and wounded six others, while Israeli forces continue the demolition of neighborhoods within a Lebanese buffer zone.