Iran says it got a U.S. response to its peace proposal as its currency hits a new record low seven months into the war

Iran has reportedly received a U.S. response to its recent peace proposal aimed at ending the seven-month war. U.S. President Donald Trump had previously rejected the proposal. Iranian Foreign Minister Abbas Araghchi presented the response to President Masoud Pezeshkian at a Cabinet meeting, according to government spokesperson Fatemeh Mohajerani.

Pezeshkian stated that the agreement must be based on a win-win strategy. Following Araghchi's return from the U.N. General Assembly in New York, where he held indirect talks with U.S. officials and met with Qatari and Pakistani mediators, he briefed the Cabinet on his trip and the meetings held there. It was during the meetings that Iran's conditions for reopening the Strait of Hormuz were conveyed.

Despite Trump's rejection of the proposal, mediators continued working on a deal to end the fighting and open the strait. Meanwhile, the U.S. Treasury Department unveiled new sanctions on Tuesday targeting people and companies accused of facilitating Iran's military supply chain. Iran's economy has been in a freefall since the conflict began in late February, with the country's currency hitting a new record low.