The U.S. is waiting on Iran to respond to its proposal to reopen the Strait of Hormuz and end a war that’s killed thousands of people, with tensions still high and Israel striking Lebanon’s capital on Wednesday.

Iran is expected to give an answer in the coming days. Its leaders are yet to indicate whether they’ll accept it, though they’ve previously shown little sign of yielding on their nuclear program and accepting a moratorium on enriching uranium, which the American proposal calls for.

Israel, meanwhile, said it killed a Hezbollah commander in a southern suburb of Beirut, its first strike on the city since a ceasefire began in Lebanon last month.

Washington has relayed a one-page memo to the Islamic Republic that could reopen the strategic Strait of Hormuz and lift the U.S. blockade of Iranian ports, according to a person familiar with the matter, who asked not to be identified discussing sensitive information. That would set the stage for a month of talks aimed at securing a final peace agreement.

Should the negotiation get to that stage, the sides will discuss Iran’s nuclear activities. U.S. President Donald Trump has repeatedly said the objective of the war is to prevent Tehran having a nuclear weapon, something Iran has always denied. Trump said Wednesday the U.S. is “going to get” the Islamic Republic’s stockpile of highly enriched uranium as part of the agreement, though there’s been no indication Tehran is willing to make that concession.

The U.S. will start a broader and more intense bombing campaign if Iran rejects the initial 14-point peace plan, Trump said earlier in a social media post. He told PBS News Hour he believes there’s “a very good chance” of a deal, possibly before his scheduled visit of Chinese President Xi Jinping next week.

Iran’s top leadership has yet to comment on the proposal. State-affiliated news agency ISNA said reports on elements of the proposal amount to “media speculation and atmosphere-building,” adding that nuclear enrichment is not part of the current discussions.

Supreme Leader Mojtaba Khamenei said last week Iran would not give concessions on its nuclear program, describing it as a “national asset” that Iranians would protect at all cost.

Other outstanding issues include limits on Iran’s ballistic missile program and its support for allied militant groups such as Lebanon’s Hezbollah.

Those remain a priority for Israel, which has been fighting a parallel war against Hezbollah across its northern border.

Israeli officials struck a cautious tone on the latest U.S. push to wind down the campaign against Iran. Ambassador to the United Nations Danny Danon told Army Radio on Thursday that “we need to wait and not come out with declarations and headlines” about a potential deal.

Prime Minister Benjamin Netanyahu said Israel is in close coordination with the U.S. on peace efforts with “no surprises.”

Oil declined 2.2% on Thursday to below $100 a barrel after a week of sharp swings. Clashes in the Strait of Hormuz triggered a surge in Brent crude to nearly $115 a barrel on Monday, before sliding below $97 on Wednesday as Iran said it was evaluating the proposal.

Reopening Hormuz, where a fifth of the world’s oil and liquefied natural gas flowed before the war brought traffic to a standstill, is a key objective for Trump.

Iran’s Islamic Revolutionary Guard Corps said Wednesday that “safe, stable passage” through the waterway will be possible with “new protocols in place,” with state media reporting that shipowners now need to send an email to an organization called the Persian Gulf Strait Authority if they want to send ships through the waterway. But shipowners remain wary, saying that they need to know the details about the conditions that may be imposed.

The fate of Hormuz carries urgency for Trump before his scheduled summit with Xi, after their meeting was postponed in the early days of the conflict. China on Wednesday added its voice to global pressure to wrap up the conflict and reopen the waterway, telling Iran that a continuation of hostilities is “inadvisable.”

Polls show Americans’ distaste for the conflict is growing — six months from midterm elections where energy costs will be a central focus. Gasoline prices breached $4.50 a gallon for the first time since July 2022, according to the American Automobile Association. That trajectory has challenged Trump’s prediction that costs at the pump will plummet when the war ends.

Trump on numerous occasions throughout the conflict has indicated that a deal is near, though none has materialized. He acknowledged to the New York Post that it might be “too soon” to think about face-to-face talks to lock up such an agreement.

Iran is expected to send a response via Pakistan, acting as a mediator, in the next two days, the person familiar with the matter said on Wednesday.

Japanese equities rallied Thursday on their return from a break, helping lift Asian shares to another record as optimism grew over a deal to end the conflict.

Here’s more related to the war:

•The new peace plan includes provisions for the removal of sanctions on Iran and a moratorium on the country’s uranium enrichment program, according to the person familiar with the matter. All conditions could be reversed if a wider nuclear deal can’t be reached, they said. Axios first reported on the proposal.

•At a meeting in Beijing, China’s Foreign Minister Wang Yi urged Iranian counterpart Abbas Araghchi to keep negotiating, saying “a resumption of hostilities is inadvisable.” Araghchi said Iran appreciated a four-point proposal China offered on resolving the war.

•Trump and Xi are to meet in Beijing on May 14-15, with the U.S. leader acknowledging Tuesday that the conflict would be on the agenda. Trump told PBS News that the U.S. would offer sanctions relief to Iran if the deal is secured, which could render unnecessary any potential U.S. penalties on Chinese companies buying Iranian oil.

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—With assistance from Rakteem Katakey.

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