The United States and Iran have received a peace plan mediated by Pakistan that proposes an immediate ceasefire followed by a comprehensive agreement to end hostilities, according to sources familiar with the matter. The development comes as tensions escalate over Iran's closure of the Strait of Hormuz, a critical global shipping route.

President Trump has issued an ultimatum to Iran, warning of strikes on the country's energy infrastructure unless the Strait of Hormuz is reopened. The deadline has created urgency around diplomatic efforts, with Japan's leadership reportedly seeking direct talks with Iranian officials before any military action.

The closure of the strait has disrupted global energy markets and supply chains. Saudi Arabia has raised oil prices to record premiums, while Iraq has instructed oil buyers to submit loading plans following exemptions related to Hormuz transit. The United Arab Emirates has emphasized that guaranteeing passage through Hormuz must be a key component of any US-Iran agreement.

Economic impacts are spreading beyond energy markets. India's auto dealers report potential supply disruptions, and the country has issued fertilizer tenders as the conflict affects global commodity flows. The Bank of Japan has warned of economic consequences from the Middle East conflict, while emerging market assets have shown volatility amid reports of potential ceasefire progress.

Iran's foreign ministry has indicated it has formulated a response to the ceasefire proposals, though details remain undisclosed. Financial markets continue to monitor developments closely, with Treasury yields remaining steady as traders assess mixed signals about potential de-escalation of the conflict.