Middle East Situation Update: Iran Submits 14 Proposals, Kuwait’s Crude Oil Exports in April Drop to Zero

(1) On the Iranian side, Iran has submitted a proposal containing 14 items, demanding issues be resolved within 30 days. Iranian military officials stated they are fully prepared for potential US military actions, while the Deputy Foreign Minister indicated Iran is ready for both diplomatic engagement and confrontation. The Iranian Ministry of Foreign Affairs made it clear that it is necessary to resist the normalization of "piracy" by the United States. According to US media reports, Iran no longer requires the US to lift the blockade on the Strait of Hormuz before face-to-face negotiations in its latest negotiating proposal.(2) On the US side, Trump said it is possible to resume airstrikes against Iran, and noted that he "cannot imagine" the Iranian proposal would be "acceptable." Concerning the Strait of Hormuz, the Mediterranean Shipping Company introduced a new route to bypass the strait. Berkshire pointed out that insurance prices are the decisive factor and US military escorts are a prerequisite.(3) Other key developments: Data from oil tanker tracking agencies show Kuwait's crude oil exports in April were zero, the first time since the end of the First Gulf War. Iraq stated that once the Hormuz crisis ends, its oil production and exports can resume within a week. Additionally, an oil tanker off the coast of Yemen was hijacked by armed groups, Qatar Airways will resume flights to Iraq starting May 10, and the German Defense Minister responded to the US troop withdrawal by saying Europe must shoulder more responsibility for its own defense. Trump's tariff remarks, combined with the Iran conflict, continue to disrupt the global energy and trade landscape.