US expecting Tehran’s response to proposed deal

The United States Treasury has announced sanctions on 10 entities it accuses of supporting Iran’s arms procurement and drone and missile production.

According to a Treasury statement, the targeted entities “are enabling efforts by Iran’s military to secure weapons, as well as raw materials with applications in Iran’s Shahed‑series unmanned aerial vehicles (UAVs) and ballistic missile program.”

A number of Chinese firms were targeted in the measure, as were entities based in Belarus and the United Arab Emirates.

China is a major trade partner of Iran and is the largest buyer of Iranian oil.

Qatari Prime Minister Mohammed bin Abdulrahman Al Thani on Friday urged both the US and Iran to engage in mediation efforts during a meeting with US Vice President JD Vance in Washington.

The Qatari Foreign Ministry said in a statement on X that the prime minister “stressed the need for all parties to engage with the ongoing mediation efforts, to pave the way for addressing the root causes of the crisis through peaceful means and dialogue, leading to a comprehensive agreement that achieves lasting peace in the region.”

“We reaffirm our support for diplomacy advancing security, stability, and lasting regional and global peace,” Al Thani later wrote on X.

Qatar is among the Gulf countries drawn into the conflict as Iran targeted US military facilities there in retaliation for US and Israeli attacks on the Islamic Republic.

Washington was expecting Tehran’s response to its latest proposal on a deal to set up the parameters for talks to end the war by Friday night, US President Donald Trumpsaid.

“I’m getting a letter supposedly tonight, so we’ll see how that goes,” Trump told reporters outside the White House.

Iran has been studying the latest proposal for days, saying it remains undecided.

On Thursday, the US said it attacked Iranian military facilities in what it described as a response to Iranian attacks on three US Navy ships in the Strait of Hormuz that were intercepted.

Iran has largely blocked traffic through the strategic waterway since US-Israeli attacks launched the war on February 28, and has occasionally attacked vessels attempting to transit the strait.

Tehran described the US strikes as a violation of the ceasefire.

But Trump said that the month-long ceasefire with Iran remains “in effect.” He suggested that talks with Iran were still on track despite the renewed hostilities, telling reporters, “We’re negotiating with the Iranians.”

Thank you for joining our blog about the Iran war and its impact on the global economy.

Here’s a recap of the most important headlines from Friday:

US forces fired on and disabled two Iranian oil tankers after exchanging fire with Iranian forces in the Strait of Hormuz.

The United Arab Emirates, meanwhile, reported another Iranian missile and drone attack.

The attacks cast more doubt on a tenuous month-old ceasefire that the US has insisted is still in effect.

World food prices climbed in April to their highest in more than three years due to the Iran war and the effective closure of Hormuz, the UN Food and Agriculture Organization (FAO) said.

If you missed it, you can Friday roundup of the biggest headlines on the war.