US-Iran war highlights: In a good spot, says Vance on Iran talks; Trump threatens ‘big hit’

US Iran war news LIVE: The White House reportedly believes that Iran's latest proposal to the US to end the ongoing war is not a meaningful improvement and is insufficient for an agreement.

The Iranian counter-proposal, sent to the US via Pakistani mediators, offers only token improvements over the previous version, Axios reported, citing a senior US official and a source briefed on the matter.

Tehran reportedly submitted its latest 14-point proposal through Pakistan for talks with Washington to end the ongoing war in the Middle East.

The new offer was focused on the subject of the negotiations and confidence-building measures by the US. Read full report here

US Iran war news LIVE: Iran's Fars news agency earlier said Washington had presented a five-point list, which included a demand for Iran to keep only one nuclear site in operation and transfer its stockpile of highly enriched uranium to the United States.

US Iran war news LIVE: As Baqaei said that its concerns were conveyed to the US by Pakistan, a Reuters report, citing Pakistani sources, said that Pakistan has shared with Washington a revised proposal from Iran to end the conflict in the Middle East.

"We don't have much time," the source was quoted as saying, adding that both countries "keep changing their goalposts".

US Iran war news LIVE: Global stock markets were mixed Monday and oil prices rose while investors digested shifting developments in the Middle East as US President Donald Trump said he postponed a planned attack on Iran at the request of Gulf leaders.

Oil prices had briefly turned lower following an Iranian media report that said American officials had agreed to suspend sanctions against its crude while talks on ending the war continue.

But with no confirmation of the report, as well as Iranian statements on taxing travel through the strait, oil prices quickly began rising again.

US equity indices gyrated between positive and negative territory, ending the day mixed.

US Iran war news LIVE: US President Donald Trump said on Monday that there was a "very positive development" in talks with Iran, which allegedly convinced him to postpone a planned military attack on the Islamic Republic.

"It's a very positive development, but we'll see whether or not it amounts to anything," Trump said during a White House event.

He said allies in the Middle East told him "they are getting very close to making a deal" that would leave Iran without nuclear weapons.

US Iran war news LIVE: Oil prices reduced after US President Donald Trump called off planned strikes on Iran following an appeal by his Gulf allies.

West Texas Intermediate for July dropped below $103 a barrel, after rising 3.3% on Monday, while Brent closed above $112.

US Iran war news LIVE: Even though US President Donald Trump delayed the strikes against Iran following request from the premiers of Saudi Arabia and the UAE, the Republican leader is expected to meet his top national security team in the Situation Room on Tuesday, Axios reported.

US-Iran LIVE Updates: Traffic through the Strait of Hormuz was reportedly slightly higher last week, returning to levels in line with the average recorded since the beginning of the conflict in the Middle East.

Between May 11 and 17, a total of 55 commodity vessels crossed the strategic waterway, according to data from Kpler, marking a significant increase from the previous week, when just 19 vessels passed through the Strait, AFP reported.