Iran FM Araghchi Submits US Proposal to President Pezeshkian

The significance lies in the channel, not the substance: a US proposal reaching Iran's president through the foreign ministry, with the Strait of Hormuz explicitly on the agenda, signals that maritime security and sanctions-adjacent issues are being handled at the political level rather than through technical or military tracks. What the proposal contains, and whether Pezeshkian's government treats it as a basis for negotiation or a document to be managed, remains the open question. Watch for any change in the tempo of Hormuz-related incidents or in the tone of official briefings; those are the observable tells.