Pakistan, May 9 -- The United States and Iran exchanged fire near the Strait of Hormuz despite ongoing ceasefire efforts. Washington is awaiting Tehran's response to a proposal aimed at formally ending the conflict. The renewed Gulf clashes threaten global oil supplies and heighten risks for regional allies and shipping markets.

Fresh fighting erupted on Friday near the Strait of Hormuz after Iranian and American forces traded attacks. Iranian media reported sporadic naval clashes before officials later claimed tensions had eased. Meanwhile, the US military said it targeted two Iran-linked vessels approaching an Iranian port. American fighter jets reportedly struck the ships' smokestacks, forcing them to retreat. The incidents marked the...