IRAN has said it would only accept a peace agreement if it is “fair”, following a decision by US President Donald Trump to pause a newly launched naval operation aimed at reopening the Strait of Hormuz, a key shipping route that has remained largely closed amid escalating regional conflict.
The operation, known as “Project Freedom”, was announced on Sunday and intended to secure maritime traffic through the strategic waterway.
However, it has failed to restore significant shipping activity and has instead coincided with renewed Iranian strikes on vessels in the strait and on targets in neighbouring states.
In a social media post, Trump said the pause had been agreed following what he described as progress in negotiations with Tehran.
“We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom (The Movement of Ships through the Strait of Hormuz) will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” Reuters cited him writing.
Iranian Foreign Minister Abbas Araqchi did not directly address Trump’s remarks during a visit to China but reiterated Tehran’s position, calling for a comprehensive settlement.
Araqchi also said in a social media post that he had spoken with Saudi Arabia’s foreign minister, stressing the importance of regional diplomacy to prevent further escalation.
In a statement outlining Iran’s stance, he said Tehran was seeking “a fair and comprehensive agreement”.
“We are holding out for a fair and comprehensive agreement,” he said.
The Strait of Hormuz has effectively been closed to most international shipping since the United States and Israel launched military action on 28 February, with Washington later imposing restrictions on Iranian port access in April.
During the period of heightened tensions, Iranian drones and missiles have reportedly struck multiple vessels in and around the strait, including a South Korean cargo ship that reported an explosion in its engine room. Iran has also targeted infrastructure in the United Arab Emirates, including key oil facilities on the far side of the strait.
The US Navy has also acknowledged striking several small Iranian vessels earlier in the week.
Following Trump’s announcement that the maritime mission was being paused, global oil markets reacted, with Brent crude futures falling around 1.7 per cent to below US$108 per barrel.
US Secretary of State Marco Rubio and other officials had earlier warned that Iran must not be allowed to control shipping through the waterway.
Despite intermittent diplomatic contacts, including a previous round of talks in Pakistan after a brief ceasefire pause in April, negotiations remain stalled, with both sides accusing each other of obstructing progress.
Trump has repeatedly claimed that Iran is seeking peace and has described its military capability as significantly weakened.
“They’re firing peashooters,” he told reporters at the White House, insisting Tehran was under pressure to end hostilities.
However, the conflict continues to exact a heavy regional toll, with thousands reported killed in Iran and widespread displacement in Lebanon following Israeli operations targeting Hezbollah-linked positions.
The ongoing instability is also emerging as a political concern for Washington, with rising fuel prices adding pressure on the US administration ahead of upcoming elections. - May 6, 2026
