Iran on Sunday formally submitted its proposal to the United States via Pakistan, a mediator of peace talks, to end the war. Iran's counterproposal is in response to the US's one-page memorandum shared with Tehran earlier this week.

Washington is expected to study the fresh Iranian proposal at a Situation Room meeting with senior national security officials at the White House on Monday.

The Iranian proposal has put the ball in the US court, as US President Donald Trump will have to decide whether to keep negotiations on or follow through on his repeated threat to resume bombing.

Monday's Situation Room meeting will decide the fate of the ceasefire, which was extended indefinitely by Trump on April 7-8. Although the sporadic incidents of attacks on ships, vessels and territories of the Gulf countries, especially the United Arab Emirates (UAE), have continued. 

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Throughout the day and the past week, drones, naval strikes, and missile interceptions continued across the region.

What does the Iranian proposal state?

According to the Iranian news agency ISNA, Iran's proposal centres on two demands. First is an immediate and permanent end to hostilities. Second is the restoration of maritime security in the Persian Gulf and the Strait of Hormuz.

Iranian officials have explicitly said that the initial phase will cover only these two aspects to end the war, and the discussions on the nuclear issue, sanctions relief and other broader aspects would be taken up at a later stage.

The sequence of the proposal is likely to become contentious again as Trump fears agreeing to end the war would hurt its most critical nuclear demands.

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The US, in its one-page memorandum, has detailed 14 points. These points include a moratorium on nuclear enrichment, the US agreeing to lift sanctions and release seized Iranian funds worth billions, and both sides lifting their respective restrictions in the Strait of Hormuz.