Iran’s national rial currency has hit a record low of 1.8 to the dollar as a shaky ceasefire with the U.S. and Israel holds.

As the stalemate between Washington and Tehran drags on and the world waits in hope of a deal, the very real possibility of an alternate outcome – the resumption of war – looms overhead.

Iran has handed over its latest proposal for negotiations with the United States to mediators in Pakistan, Iran’s state-run IRNA news agency reported Friday. The U.S. and Pakistan did not immediately confirm receiving the new proposal.

The national average gas price rose to $4.39 per gallon, in its biggest one-day jump since a ceasefire with Iran was announced on April 7.

Iran said it had offered a new proposal to the U.S. to end the war, as the Strait of Hormuz standoff sends costs soaring around the world.

US Israel Iran War Ceasefire News LIVE Updates:

Iran is using the ceasefire to dig out weapons. Trump signs a bill to end the DHS shutdown. And previewing the Kentucky Derby.

US President Donald Trump vowed that a naval blockade on Iran will stay in place, claiming the pressure would force Tehran back to the negotiating table. Trump was also briefed by commanders on further military options,