<h3>Overview</h3>
<p>The ongoing war in <span class="key-term" data-definition="Strait of Hormuz — Narrow waterway between Iran and Oman, through which about 20% of global oil passes; strategic chokepoint (GS3: Economy, GS2: Polity)">Strait of Hormuz</span> has entered a critical diplomatic phase. On <strong>May 6, 2026</strong>, Iran’s <span class="key-term" data-definition="Iranian Foreign Minister Abbas Araghchi — Senior diplomat representing Iran in international negotiations (GS2: Polity)">Foreign Minister Abbas Araghchi</span> reiterated that Tehran will accept only a “fair and comprehensive” settlement, while <span class="key-term" data-definition="US President Donald Trump — Head of the United States executive branch, responsible for foreign policy decisions (GS2: Polity)">President Donald Trump</span> touted “great progress” in talks.</p>
<h3>Key Developments</h3>
<ul>
<li>Iran’s stance: No compromise on a comprehensive agreement; emphasis on protecting “legitimate rights and interests”.</li>
<li>Trump’s proposal: A temporary pause in <span class="key-term" data-definition="Project Freedom — US‑led operation to escort commercial vessels through the Strait of Hormuz amid the Iran‑Israel conflict (GS3: Economy)">Project Freedom</span> to test if a final deal can be signed.</li>
<li>Oil market reaction: <span class="key-term" data-definition="Brent crude — International benchmark for crude oil prices, used to gauge global oil market movements (GS3: Economy)">Brent crude</span> futures fell 1.2% to $108.60/barrel; US WTI futures eased 1.2% to $101.06/barrel.</li>
<li>Military backdrop: US forces have destroyed several Iranian boats, missiles and drones; Iran threatens mines, drones, missiles and fast‑attack craft to seal the strait.</li>
<li>Economic impact: The conflict has disrupted about 20% of world oil supplies, fueling a global energy crisis and raising domestic fuel prices in the US.</li>
</ul>
<h3>Important Facts</h3>
<p>The war began on <strong>February 28, 2026</strong> with coordinated air attacks by the US and Israel on Iranian targets. Since then, the strait has been “virtually shut”, and a fragile cease‑fire agreed four weeks ago remains in place. The <span class="key-term" data-definition="International Monetary Fund — Global financial institution that monitors economic stability and provides policy advice; its assessments influence macro‑economic outlook (GS3: Economy)">International Monetary Fund</span> warned that even an immediate cease‑fire would need three to four months to mitigate economic fallout.</p>
<p>Iran maintains that its nuclear programme is for peaceful purposes under the <span class="key-term" data-definition="Nuclear Non-Proliferation Treaty — Treaty aimed at preventing spread of nuclear weapons while promoting peaceful nuclear energy; Iran is a signatory (GS2: Polity)">Nuclear Non‑Proliferation Treaty</span>, while the US frames Iranian actions as a security threat linked to its missile program and support
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