U.S. and Iran Weigh Peace Proposals Amid Looming Naval Blockade

President Donald Trump stated there is a \"very good chance\" of reaching a deal to end the war with Iran, revealing details of a two-phase memorandum during a PBS News Hour interview. Phase 1 of the proposal calls for Iran to lift its chokehold on the Strait of Hormuz and for the U.S. to end its current blockade, with all parties—including Israel and Hezbollah—declaring an end to hostilities. Phase 2 requires Iran to cease all underground nuclear operations in exchange for the lifting of U.S. sanctions and the unfreezing of assets within 30 days. Despite the diplomatic momentum, U.S. Central Command has announced a formal naval blockade of Iranian ports and coastal regions to begin on Monday, May 11. This military escalation coincides with reports of accelerated back-channel negotiations mediated by Pakistan. While Iranian state media confirmed \"major progress\" in the talks, officials in Tehran have characterized portions of the U.S. proposal as \"unrealistic,\" and the Lebanese government noted that Hezbollah cannot commit to a truce without a respected ceasefire. International reactions remain mixed as the May 11 blockade deadline approaches. China has reportedly signaled caution by advising banks to pause refinery loans linked to Iranian oil, while France has deployed additional naval assets to the Gulf. Though oil markets have stabilized following recent spikes, the looming blockade has heightened concerns over global energy supply disruptions and maritime security.