Iran-Israel war LIVE: U.S.-Iran ceasefire on 'life support', says Trump

Iran’s Foreign Ministry stated on May 11, 2026, that it had proposed ending the regional war and lifting restrictions on Iranian assets as part of its response to the latest U.S. ceasefire initiative. Spokesperson Esmaeil Baqaei emphasized that Iran had not demanded concessions but instead sought recognition of its rights, including an end to the U.S. naval blockade and the unfreezing of Iranian funds held overseas. The U.S. received Iran’s proposal on May 10, 2026, amid hopes it could halt the conflict that began on February 28, disrupting global oil supplies and causing fuel shortages. However, President Donald Trump dismissed the offer as 'totally unacceptable,' refusing to provide further details, even as some Republican leaders pushed for considering military options. Meanwhile, South Korea condemned an attack on a cargo ship operated by a Korean company in the Strait of Hormuz, which resulted in an engine-room fire. The Blue House announced plans to investigate the incident further and respond once the source is identified, following an initial forensic analysis of the damage. The ongoing tensions in the Strait of Hormuz have heightened concerns over regional stability, with the conflict disrupting critical shipping lanes and escalating global energy concerns. Iran’s demands focus on lifting economic sanctions and ending hostilities, while the U.S. maintains a hardline stance without engaging in negotiations.