Iran has proposed a de-escalation plan for the Strait of Hormuz in exchange for sanctions relief, but US President Donald Trump seems unlikely to accept the offer.
The proposal, which was passed to the Americans by Pakistan, would see Iran end its chokehold on the strait if the US lifts its blockade on the country and ends the war.
However, Trump's national security team has met to discuss the proposal, and the President is expected to address it later.
The US blockade has had far-reaching effects on the global economy, including raising the price of oil and other basic goods.
Iran's proposal would push negotiations on the country's nuclear program to a later date, but Trump has said that one of the major reasons he went to war was to deny Iran the ability to develop nuclear weapons.
The standoff between the US and Iran has put pressure on Trump ahead of crucial midterm elections, and has also put pressure on his Gulf allies, which use the waterway to export their oil and gas.
The proposal emerged as Iran's foreign minister visited Russia, which has long been a key backer of Tehran.
