Iran Sends Updated Peace Proposal to Pakistan Mediators, Driving Oil Prices Lower

Oil prices fell Friday after Iran sent an updated peace proposal to mediators in Pakistan, raising hopes again that a settlement with the U.S. is still possible, CNBC reported.

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CNBC said U.S. crude oil futures fell 3% to close at $101.94 per barrel, while international benchmark Brent lost nearly 2% to settle at $108.17.

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Pakistani officials confirmed to MS NOW that mediators received an updated proposal from Iran to end the war, and that the proposal has been delivered to the U.S., CNBC added.

President Donald Trump later said he was not satisfied with Iran's offer, telling reporters at the White House, "Iran wants to make a deal, but I'm not satisfied with it."

CNBC also said Trump faces a 60-day deadline under the War Powers Resolution related to military action in the Iran war.

The White House argued on Friday that a ceasefire reached three weeks ago had "terminated" hostilities between the two sides, according to CNBC and an administration official quoted by MS NOW.

PBS, citing an Associated Press report, said the White House asserted to Congress in a letter Friday that hostilities with Iran have "terminated" despite the continued presence of U.S. armed forces in the region.

PBS said the message effectively skirts a May 1 legal deadline to gain approval from members of Congress to continue the war with Iran, and it quoted Trump writing, "The hostilities that began on February 28, 2026, have terminated."

The legal fight over whether the War Powers Resolution deadline applies sharpened as Trump insisted hostilities had ended, even while U.S. forces remained in the region, according to PBS and BBC.

PBS said the White House asserted to Congress in a letter Friday that hostilities with Iran have "terminated" despite the continued presence of U.S. armed forces in the region, and it described the move as skirting a May 1 deadline.

Al Jazeera

PBS quoted Trump writing that "The hostilities that began on February 28, 2026, have terminated," and it said the letter brought into relief "the bold but legally questionable assertion of presidential power" at the heart of the war.

BBC said Friday marked the 60th day since 28 February, when the administration notified lawmakers of the strikes against Tehran, and it explained that Trump and Defence Secretary Pete Hegseth contend the deadline clock paused when the current ceasefire went into effect.

BBC said the debate centers on whether the truce counts towards the 60-day deadline, while noting that Trump required by the 1973 war powers resolution to "terminate any use of United States Armed Forces" in Iran 60 days after notifying Congress unless lawmakers vote to continue.

BBC also quoted a legal scholar, David Schultz, saying, "Just because other presidents haven't invoked it [the 1973 law] doesn't mean that what Trump is doing here is correct."

The BBC report added that Schultz said Trump had "basically committed us to combat without any support from Congress," and it described the fears of the framers about strong executives committing the country to wars without legislative backing.

In parallel, The War Zone described Trump at an "inflection point" and said tomorrow marks the 60-day mark since Trump formally notified Congress of hostilities against Iran, with Congress required to sign off on a 30-day extension if the president says it’s necessary.

While the War Powers dispute played out in Washington, other reporting described operational moves and pressure points tied to the Iran conflict.

“United States President Donald Trump has voiced frustration with Iran’s latest peace proposal, saying “they’re asking for things I can’t agree to”, and cautioning against ending the conflict too early, only for tensions to resurface “in three more years””

Al Jazeera

CNN said Germany’s Chancellor Friedrich Merz had said the U.S. was being "humiliated" by Iran, and it reported that Germany said the Pentagon’s move to withdraw roughly 5,000 US troops over the next year was “anticipated”.

CNN also said Trump said the U.S. may be “better off” if no deal is reached with Iran, after earlier stating he was unsatisfied with Tehran’s latest peace proposal.

CNN reported that the war reached 60 days yesterday, requiring congressional authorisation to continue under the War Powers resolution, disputed by the White House.

CNN further said the U.S. warned shipping companies they could face sanctions if they pay tolls to Iran to safely use the Strait of Hormuz, and it said analysts expect the impact of the waterway’s closure on the economy to deepen.

The Guardian described Trump saying the U.S. navy acted “like pirates” as he described an operation seizing a ship amid the tit-for-tat American blockade of Iranian ports, with Trump saying, "We’re like pirates."

The Guardian also said Tehran effectively closed the waterway after the start of the US-Israeli air campaign against Iran on 28 February, and it reported that the U.S. announced a blockade of Iranian ports last month after peace talks in Pakistan failed to achieve a breakthrough.

In Al Jazeera’s account, Trump said he was unhappy with Iran’s new proposal and told reporters, “they’re asking for things I can’t agree to,” while it also said Washington warned that ships paying tolls or fees to Iran to transit the Strait of Hormuz could face US sanctions.

As the White House argued hostilities had terminated, lawmakers and public opinion reflected mounting unease, according to PBS, The Hill, and The Washington Post.

PBS said some GOP senators were growing uneasy about the war's timeline and that the reluctance to defy Trump came as public frustration mounted over the conflict and its impact on gas prices.

BBC

PBS quoted Senate Majority Leader John Thune, R-S.D., saying, "I'm listening carefully to what the members of our conference are saying, and at this point I don't see that," and it reported that Sen. Kevin Cramer, R-N.D., said he would vote for an authorization of war if Trump asked for it.

PBS also quoted Sen. Todd Young, who said lawmakers "must ensure that the people, through their elected representatives, weigh in on whether to send our military into combat."

PBS added that Maine's Susan Collins voted with Democrats on Thursday to halt the war and said, "The president's authority as commander in chief is not without limits," while calling the 60-day deadline "not a suggestion, it is a requirement."

The Hill described Trump’s frustration with media coverage of the war and said he alleged that reporting from The New York Times was “seditious” and called CNN “stupid” and “the enemy."

The Hill quoted Trump complaining in the Oval Office, "If you see CNN, you think they [Iran] are winning the war," and it added, "If you read The New York Times, it’s actually seditious, in my opinion."

The Washington Post reported that a Washington Post-ABC News-Ipsos poll found Trump’s war in Iran was as unpopular among Americans as the Iraq War during the year of peak violence in 2006 and the Vietnam War in the early 1970s.

Even with a ceasefire described as ongoing, multiple reports emphasized that negotiations remained stalled and that the conflict’s pressure points continued.

Al Jazeera said Trump voiced frustration with Iran’s latest peace proposal, saying “they’re asking for things I can’t agree to,” and it warned against ending the conflict too early, only for tensions to resurface “in three more years.”

BBC

Al Jazeera also reported that the U.S. Department of State imposed new measures on entities linked to Iranian petroleum exports, including China-based Qingdao Haiye Oil Terminal, accusing it of importing millions of barrels of sanctioned crude, and it said Beijing rejected the move as unlawful “unilateral sanctions.”

Al Jazeera added that the State Department said it cleared more than $8.6bn in military sales to Israel, Qatar, Kuwait and the United Arab Emirates, and it said the U.S. Treasury Department slapped new sanctions on three Iranian foreign currency exchange firms to try to stem the flow of Tehran’s “financial lifelines.”

In the U.S., PBS described how the White House letter to Congress framed the war’s timeline and said the letter showed how the president continues to forego congressional approval, while noting that some GOP senators wanted Congress to have a say.

The War Zone said the ceasefire extension Trump authorized on April 21 continues to hold despite Iranian attacks on shipping and the ongoing U.S. blockade of Iranian ports and its seizure of Iranian-backed oil tankers in the Indian Ocean.

The War Zone also said Operation Epic Fury has cost taxpayers $25 billion, and that “most of that is in munitions,” quoting the Pentagon’s acting comptroller, Jules Hurst, as telling the House.

Finally, CNN’s live updates said analysts expect the naval blockade to take weeks to fully exert the necessary pressure, and it quoted Trump saying, “We’re going to get this thing done properly,” and “We’re not going to leave early and then have the problem arise in three more years.”