Iran is expected to deliver a formal response to a U.S.-backed peace proposal on Thursday, according to mediators and Iranian officials. The proposed one-page memorandum seeks to initiate a 30-day process to resolve long-standing conflicts regarding Tehran’s nuclear program, frozen assets, and maritime security in the Strait of Hormuz.

U.S. President Donald Trump reported "very good talks" with Iranian representatives but warned that military action remains an immediate alternative. Trump stated that any deal requires Iran to ship its highly enriched uranium to the United States and decommission underground facilities, threatening to resume heavy bombing campaigns if diplomacy fails.

Iranian Foreign Ministry spokesperson Esmaeil Baghaei said the government is still examining the text, which some lawmakers have dismissed as a U.S. "wish list." Tehran’s primary demands include a total cessation of hostilities, the removal of economic sanctions, and UN Security Council guarantees before addressing its nuclear stockpile in a secondary phase.

On the ground, Tehran has established the "Persian Gulf Strait Authority" to regulate maritime traffic, mandating that all vessels communicate with Iranian officials before transit. This move follows recent U.S. naval fire against an Iranian-flagged tanker and an Israeli strike on a Hezbollah commander in Beirut, underscoring the volatility of the current security environment.

Pakistani mediators expect the formal reply from Tehran later today, which will determine if the 30-day diplomatic window officially commences.