US tells Qatar it backs peace plan, now waits on Iran

Washington has told Qatari mediators it accepts a proposed peace plan and is now waiting on Iranian negotiators to answer, according to an unnamed senior source cited Tuesday by Saudi outlet Al Arabiya. The same source claims Tehran received the latest offer on Monday, though nothing has been officially confirmed. Iranian officials, for their part, still sound unconvinced by what Washington has put on the table.

A second report points the same direction. London-based Al-Araby Al-Jadeed said Tuesday, citing people familiar with the matter, that both sides agreed to concessions brokered by Qatar: Iran would make certain changes to its nuclear doctrine, and the US would release a portion of Iran's frozen assets. That would be a preliminary arrangement meant to clear the way back to negotiations, and it would reportedly let both Washington and Tehran declare themselves winners.

Meanwhile, the shooting hasn't stopped. President Donald Trump confirmed Tuesday that US forces struck an air defense facility on Qeshm Island in the Strait of Hormuz, telling Fox News by phone that the site took roughly two months to build and that American forces tracked its construction before hitting it overnight. He called the operation a success, saying the target was hit very nicely. The Wall Street Journal had earlier reported the Qeshm strike.

Energy Secretary Chris Wright told Fox Business the overnight attacks did not disrupt oil supply in the region, adding that more refined products would flow from the Persian Gulf and even more from India. Qeshm had already seen multiple explosions the day before, after which reporters claimed the US military hit the island in response to an Iranian missile attack on a US aircraft.

The money side is feeling it. Saudi Arabia's Finance Ministry said Tuesday that third-quarter oil revenues plunged 23% year-over-year, landing at 16.5 billion riyals, or roughly $4.4 billion. Overall budget revenues slipped 4% to 259 billion riyals, while non-oil revenues climbed 20% to 142.6 billion riyals. Global oil shipping has been disrupted since the US-Israeli war with Iran began February 28 and Iran closed the Strait of Hormuz.