Iran has offered to end its control over the Strait of Hormuz if the U.S. lifts its blockade and ends the war. That's according to regional officials. The proposal that emerged Monday would delay discussions on Iran’s nuclear program. U.S. President Donald Trump seems unlikely to accept the offer. The blockade prevents Iran from selling oil, affecting global prices and economies. Trump extended a ceasefire with Iran, but a permanent settlement remains elusive. In other developments, Iranian Foreign Minister Abbas Araghchi met with Russian President Vladimir Putin to discuss the situation. Talks between Iran and the U.S. have stalled. Pakistan has been attempting to mediate.

President Donald Trump says the U.S. Navy is clearing Iranian mines from the Strait of Hormuz. The vital sea route for Persian Gulf oil is closed to most ships, and that's a strain on the global economy. Experts say sweeping for underwater explosives could take months despite a tenuous ceasefire between the United States and Iran in the war. Any future claims that the U.S. cleared the waterway where 20% of the world’s oil typically passes might fail to convince commercial freighters and their insurers that it's finally safe.

Businesses have doled out up to $4 million to send ships through the Panama Canal while trying to avoid the Iran war's risks and effective closure of the Strait of Hormuz. Passage through the canal usually comes at a flat rate via reservations. But companies without bookings can pay more to cross through an auction that awards slots to the highest bidder. The average price to cross the canal ranges between $300,000 and $400,000 depending on the vessel. Businesses that wanted earlier crossings previously paid an additional $250,000 to $300,000. In a number of cases recently, companies have paid big money to jump the line. The canal’s administrator says one paid an extra $4 million.

U.S. President Donald Trump says he has ordered the U.S. military to “shoot and kill” small Iranian boats that deploy mines to choke traffic through the Strait of Hormuz. Trump’s post on social media Thursday came shortly after the U.S. military seized another tanker associated with the smuggling of Iranian oil. That ratcheted up a standoff with Tehran over the strait through which 20% of all crude oil and natural gas traded passes. The Defense Department released video footage of U.S. forces on the deck of the oil tanker Majestic X, which was seized in the Indian Ocean. Trump also announced that a ceasefire in Lebanon would be extended by three weeks.

Iran has fired on three ships in the Strait of Hormuz and seized two of them. The intensification of Iran's assault on shipping in a waterway crucial to global energy supplies comes a day after U.S. President Donald Trump extended a ceasefire but pressed on with an American blockade of Iranian ports. The latest salvos complicate already faltering efforts to bring the United States and Iran together for talks to end the war. The effective closure of the strait has already sent gas prices skyrocketing far beyond the region and raised the cost of food and a wide array of other products.

The historic midnight ride of Paul Revere is set to be reenacted Monday but with some modern-day tweaks: It will be run in the middle of the day, and the horse and rider will have a police escort. The ride is celebrating its 251st anniversary. It is considered a critical moment in the early days of the American Revolution. Revere rowed across the river to Charlestown the evening of April 18, 1775, and then set out for Lexington. He arrived around midnight to warn Samuel Adams and John Hancock of the impending British raid on Concord military stockpiles. A separate rider, William Dawes, reached Lexington soon after with the same message.

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The price of U.S. crude oil increased 6.4% to $87.90 per barrel an hour after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 5.8% to $95.64 per barrel. The market reaction followed more than two days of lifted hopes and dashed expectations involving the strait. Crude prices plunged more than 9% on Friday after Iran said it would fully reopen the strait to commercial traffic. The country's government reversed course on Saturday after the U.S. vowed to maintain a naval blockade of Iranian ports.

President Donald Trump says U.S. negotiators will head to Pakistan on Monday for another round of talks with Iran. The aim is to extend a fragile ceasefire set to expire by Wednesday. Iran has not confirmed the talks but has said it remains open to diplomacy. The White House says Vice President JD Vance will again lead the U.S. delegation after 21 hours of historic face-to-face talks last weekend. The Strait of Hormuz remains a point of contention, with Iran blocking transit amid a U.S. blockade. The conflict has severely impacted global supplies of oil, fertilizer and natural gas.