Iran submitted a 14-point proposal, state media reports. Meanwhile, the US has fast-tracked $8 billion in arms sales to its Mideast allies. Follow for live updates.

President Trump told reporters Saturday he is reviewing a new 14-point peace proposal that was submitted by Iran.

President Trump’s predictions of a relatively short-term conflict with minimal economic consequences appear to be crumbling.

President Donald Trump's assertion comes despite the ongoing naval blockade. Iran views the move as a ceasefire violation.

The Trump administration is arguing that the war in Iran has already ended because of the ceasefire that began in early April.

President Donald Trump on Friday sent letters to Congress explaining that, due to the ceasefire, he doesn't need its authorization for military operations in Iran, even though the conflict hit the 60-day mark this week.

The comments came one day after President Trump flatly rejected the proposal. He later clarified he was only briefed on the “concept of the deal.”

President Donald Trump answers questions about the U.S. military presence in the Middle East and efforts to secure a deal with Iran while speaking to reporters.