Iranian foreign ministry spokesperson says US proposal is still being considered

Oil prices flatlines in Asia as US launches effort to free ships from Strait of Hormuz

Wall Street had already set records on Tuesday, with the S&P 500 rising 0.8 per cent to a new all-time high

Global oil prices plummeted and financial markets rallied after Washington paused a bid to reopen the Hormuz Strait to give peace negotiations a chance

Iranian foreign ministry spokesperson says US proposal is still being considered