The Trump administration is awaiting Iran's formal response to its 15-point peace proposal, as Tehran continues blocking the Strait of Hormuz.

The Strait of Hormuz has been effectively closed for almost four weeks – throwing global oil markets into chaos – and there is no clear end in sight. This is why Iran can exert a virtual chokehold on oil shipping.

Traffic through the strait has fallen by 90% since the start of the Iran war, sending global oil prices skyrocketing.

Israel's Defense Forces said Thursday that Iranian naval commander Alireza Tangsiri in a "precise strike" in the port city of Bandar Abbas.

Islamic Revolutionary Guard Corps navy commander, Alireza Tangsiri, was killed in a strike in Bandar Abbas on Thursday, Times of Israel reported. Tangsiri was responsible for the closure of the Strait of Hormuz,

U.S. Secretary of State Marco Rubio joined his counterparts from the G7 just 24 hours after Trump's latest round of insults lobbed at NATO and as instability in oil markets persisted with the Iran war entering its fourth week.

Officials in Tehran have drafted legislation to create a toll system where ships pay for safe passage through the waterway, Iranian media reported.

Israel's defence minister warns strikes on Iran will intensify, as several Gulf nations report fresh strikes and interceptions.