Estimates are that Iran has until the end of this week to get oil out of the Straits before it is in a position where it will have to start shutting in production due to it maxing out its oil storage capacity. Iran has offered to open the straits if the US agrees to end combat and engage in negotiations over the nuclear issue. There have been proposals going back and forth regarding a suspension of enrichment with the US proposing a 20 year ban and Iran coming back with 5 years. But right now, there are no plans for face to face negotiations. Trump said Iran could "telephone" the US to negotiate and did not need to meet face to face. The press interpreted this as an invitation to restart negotiations. But it was probably Trump just talking like Trump always does.
Araghchi met with Putin in Russia over the weekend. All Russia has to offer Iran is intelligence at this point and China probably has better spy satellite info to share with Iran.
Oil prices are surging again with Brent pushing $110 and WTI headed to $100. Economic fallout from the surge in oil prices, shortages of plastics, fertilizers and other refined products from Middle East oil and gas are starting to show up. China's auto sales dropped by almost 25% in March. Emerging markets, especially in Asia, are seeking sharp drops in economic activity.
The war is right now in a game of economic chicken. US equities are holding off a correction primarily because the traditional safe havens are no longer safe havens. Bonds are surging, gold is down, and the dollar is weak (but has been worse). So Trump looks at the markets and thinks that he has all the cards. But every day that goes buy with the straits closed just sends more second and third order effects into the economy. Fertilizer and plastics shortages will mean more expensive toys and other consumer goods just in time for Christmas shopping and the cost of animal feed will go up when farmers do not plant as much or have worse yields for crops planted in the summer for fall and winter harvest. Trump does not care about these effects because he probably does not have anyone who is telling him about them. Lutnick and Bessent are two of Trump's biggest sycophants and have been doing interviews where they tell everyone that gas is cheap.
Also, the cost of the war to US is actively being concealed. NBC reported that Iran's attacks on US bases in the Middle East cause massive amounts of damage and left many bases all but destroyed and unusable. Casualty figures may also be completely bogus. The cost of combat operations is also being hidden.