We have a fresh report from the WSJ on the latest Iran proposal, which Trump already said he’s not happy with. The market is taking it positively as it says Iran is “offering hints of compromise in a bid to revive talks.”

That’s clouded because it says the sides remain far apart on Hormuz and the nuclear program. It does suggest that Iran would negotiate around the nuclear program in exchange for sanctions relief.

An earlier report said a source in the office of Pakistani Prime Minister Shehbaz Sharif told Al Jazeera that Pakistan asked Trump to refrain from taking “significant military action” at this stage, parallel to negotiations in which Pakistan is mediating between the US and Iran.