Iran Still Reviewing Trump Peace Proposal as Oil Prices Drop Below $100 per Barrel

Iranian leaders are still reviewing a peace proposal from President Donald Trump and have not responded to it, Esmail Baghaei, a spokesperson for Iran’s Foreign Ministry, said on May 7, 2026. U.S. sanctions and the release of frozen Iranian funds, with both sides reopening the Strait of Hormuz.

Early on May 7, 2026, Axios and Bloomberg reported that Tehran and Washington were close to agreeing to a one-page memorandum of understanding to end the war and begin nuclear talks. Later that day Axios reported that the White House was confident it was getting close to clinching an agreement with Iran and expected a response from Tehran in 48 hours. U.S.

Trump’s Truth Social post hinting at the proposal mentioned that it would lead to the complete reopening of the Strait of Hormuz by both sides. U.S.

Was hoping to use “economic pressure” to force Iran’s hand. ” The parliament speaker also called on Iranians living abroad to exercise their economic capacities, expertise and communication skills to support the country. U.S.

Administration and accuse them of attempting to manipulate markets by touting a potential end to the conflict. U.S. are usually written in English rather than Persian. U.S. bond market traders, accusing them of engaging in “vibe-trading” after oil prices dropped below $100 per barrel. He wrote on X: “Vibe-trading digital oil is like vibe-hedging in treasuries during Hormuz risk-off.

Since the start of the war, Mohammad-Bagher Ghalibaf has repeatedly accused President Donald Trump and his administration of using news of the conflict to manipulate the market. In an X post last month before May 7, 2026, Mohammad-Bagher Ghalibaf said: “Pre-market so-called ‘news’ or ‘Truth’ is often just a setup for profit-taking.

” Forbes reported that Ghalibaf has used X to repeatedly target the Trump administration and accuse them of manipulating the markets when touting peace deals.