US proposes peace plan as Iran reopens Strait of Hormuz to some ships

The United States has reportedly sent a 15-point peace plan to Iran. This comes as Iran announced it would reopen the strategically vital Strait of Hormuz to 'non-hostile' oil vessels, easing a major global shipping chokepoint.

Oil prices fell following the news of the US proposal and Iran's move to allow some ships to transit the strait. The developments suggest a potential de-escalation in tensions, though the details and future of the US plan remain unclear.