Pakistan, Oct. 1 -- Iran is reviewing a US response to its latest proposal aimed at reviving a collapsed ceasefire in the Gulf, according to Iranian officials. Foreign Minister Abbas Araghchi received the US response and presented it to President Masoud Pezeshkian during a cabinet meeting on Wednesday.

Read More: Iran receives US response to latest peace proposal

Iran's proposal called for the United States to lift its blockade of Iranian ports. In return, Tehran would reopen the Strait of Hormuz within seven days. President Donald Trump publicly rejected the proposal over the weekend, although Iran said it had not received a formal rejection.

The diplomatic discussions come as oil shipments through the strategic waterway have increase...