Pakistan’s Interior Minister Mohsin Naqvi said on Tuesday that talks with Iranian officials had concluded on a 'highly positive note,' marking 'significant progress' in efforts to stabilize the Middle East and restore a U.S.-Iran interim ceasefire framework.
The discussions in Tehran followed a Monday meeting between Naqvi and Iranian President Ebrahim Raisi, where Raisi outlined Iran’s position in a 'constructive exchange,' according to Naqvi’s social media statement. Separately, Pakistan’s army chief Asim Munir held discussions with U.S. President Donald Trump ahead of the meetings, underscoring the regional coordination under way.
The diplomatic outreach coincides with a sharp drop in shipping through the Strait of Hormuz, a critical oil transit chokepoint. On Monday, just one commodity vessel transited the strait, the lowest daily volume since May 7, according to Al Jazeera citing shipping data. The disruption follows recent attacks on tankers that had previously undermined a fragile framework intended to de-escalate tensions.
The U.S. has intensified pressure on Iran through new economic sanctions announced by Treasury Secretary Scott Bessent. Speaking at a press conference, Bessent described the measures as an 'economic onslaught' targeting Iran’s global financial connections, aimed at disrupting 'enablers' that sustain Tehran’s economy. He warned that any entity facilitating money laundering on Iran’s behalf would face removal from the U.S. dollar system, adding that 'the clock has just started ticking.'
Bessent also urged allied countries to submit 'specific requests' to halt interactions with Iran, signaling a coordinated push to isolate Tehran financially. The White House has set a timeline for partners to wind down economic ties with Iran or risk exclusion from the dollar-based financial system.
Amid the diplomatic developments, Brent crude futures eased 0.5% to $91.73 a barrel, retreating from earlier highs. The market remains cautious, with analysts at ING noting that investors are awaiting further clarity on the timeline for trading partners to comply with the U.S. measures.
The U.S. and Iran signed a Memorandum of Understanding in June to provide a temporary halt to hostilities and allow negotiations toward a lasting peace agreement. The latest talks in Tehran follow a late-February escalation triggered by a joint assault by Washington and Israel, which derailed the previous framework and led to renewed sanctions pressure.
The Strait of Hormuz, through which roughly 20% of the world’s seaborne oil passes, remains a focal point of regional instability, with traffic volumes now at their lowest since May. The combination of military threats, economic pressure, and diplomatic engagement underscores the fragile state of regional security and the high stakes for global energy markets.
