What happened
Iran's Foreign Minister Abbas Araghchi stated that the country is awaiting a formal response from the United States to a proposed ceasefire plan. This comes after President Donald Trump publicly rejected the proposal, but Araghchi suggested that the US has not officially ruled it out.
Meanwhile, President Trump denied reports that he was willing to provide economic relief to Iran as part of a nuclear deal. He dismissed the report as a hoax, stating that he had offered Iran nothing.
In related news, a vessel transiting the Strait of Hormuz was struck by an unknown projectile, resulting in damage to the engine room and one casualty. This incident occurs amidst ongoing tensions in the region, with Israel's Prime Minister Benjamin Netanyahu warning that enemies of his country may try to attack it before upcoming elections.
A framework peace deal signed in June between the US and Iran aimed to end hostilities and reopen the Strait of Hormuz, but it broke down after the US sought to create a shipping corridor outside Iranian control. The price of Brent crude oil has fallen after briefly topping $108 a barrel, and the average price of gasoline in the US has risen to $4.46 per barrel.
