Financial gains from the strait should be paid in the local rial currency, says Iran's head of the national security commission

Oil prices climb back to $108 as Hormuz remains closed

Move comes as war damage disrupts production at major steel plants, state media reports

Axios reported citing a US official and two sources with knowledge of the matter

"The US approaches caused the previous round of negotiations, despite progress, to fail to reach its goals because of the excessive demands," Araghchi was quoted as saying by Iranian state media.

Russian President Vladimir Putin plans to meet with Iranian Foreign Minister Abbas Araghchi on Monday, Russian state media reported

Iran’s foreign minister returned to Islamabad for more consultations yesterday, as international mediators tried to keep peace talks on track despite US President Donald Trump calling off his envoys’ planned trip.

Says State Minister for Foreign Affairs Shama Obaed Islam

Trump had earlier said, however, that "you never know" if it could be linked to the Iran war, and said investigators were working on the motive of the shooter whom he described as a "lone wolf."

The deadlock leaves the world's biggest economy and a major oil power locked in a confrontation that has already pushed energy prices to multi-year highs, stoked inflation and darkened global growth prospects.

US President Donald Trump yesterday announced he had cancelled his envoys’ planned trip to Pakistan for peace talks with Iran yesterday, but said that did not mean an immediate resumption of the US-Israeli war against the Islamic republic.

Iran's foreign minister leaves Islamabad

Iranian state television had said before Araghchi's departure that he had no plans to meet with the Americans, and that Islamabad would serve as a bridge to 'convey' Iranian proposals

Washington and Tehran are at an impasse as Iran has largely closed the Strait of Hormuz

It remains unclear, however, whether the Iranian side would meet directly with the US envoys

Iran's foreign minister arrived in Islamabad on Friday and US envoys headed to the Pakistani capital in a bid to kickstart a new round of peace negotiations amid a fragile ceasefire.

US envoys Kushner and Witkoff to meet Araghchi in Pakistan

Only five ships, including one Iranian oil products tanker, have passed through the Strait of Hormuz in the past 24 hours, shipping data showed yesterday, after Iran seized two container ships this week and the US continues to blockade Iranian ports.

Hope for renewed peace talks between the United States and Iran rose yesterday as reports said Donald Trump was sending his special envoy Steve Witkoff and son-in-law Jared Kushner to Pakistan for talks with Iranian Foreign Minister Abbas Araghchi.

Oil prices had climbed earlier on fears of stalled talks and Hormuz closure