Iranian Foreign Minister Abbas Araqchi arrived in Islamabad, Pakistan, on Friday to discuss proposals for restarting peace talks with the US. This visit offers potential hope for an end to the eight-week conflict that has caused thousands of deaths and global market turmoil.
US President Donald Trump stated that Iran plans to present an offer to meet American demands, though he was unaware of its specific details. The White House confirmed special envoys Steve Witkoff and Jared Kushner would travel to Pakistan. White House press secretary Karoline Leavitt expressed optimism, noting recent progress from the Iranian side.
The US and Iran are in a costly standoff, with Iran's oil exports blocked and US gasoline prices at multi-year highs following a US bombing campaign and Iran's blockade of the Strait of Hormuz.
Pakistani sources confirmed Araqchi's arrival and his meeting with Pakistani Foreign Minister Ishaq Dar. Qatar's Emir also pledged support for Pakistan's mediation efforts.
Meanwhile, Israel and Lebanon extended a separate ceasefire for three weeks, brokered by President Trump, in a conflict running parallel to the Iran war. Iran has stated a ceasefire in Lebanon is a precondition for its talks with the US.
Oil prices remained volatile as traders assessed the potential impact of further talks on the ongoing energy shock. Brent crude futures saw a slight increase, while US West Texas intermediate futures decreased.