Fresh diplomatic signals from Tehran and Washington have raised cautious optimism about a potential deal to de-escalate tensions around the Strait of Hormuz.
A source briefed on Iran’s negotiating position said Tehran has floated a proposal that could allow commercial vessels to transit safely along the Omani side of the strategic waterway, provided an agreement is reached with the United States to prevent a renewed conflict.
The strait, a critical artery for global energy supplies, accounts for roughly a fifth of the world’s oil and liquefied natural gas flows.
The overture comes against the backdrop of severe disruption to maritime traffic following the US-Israel conflict with Iran and Washington’s subsequent naval blockade targeting Iranian ports. The US military said no vessels had successfully transited the blockade zone in its initial 48 hours, with several ships turning back after warnings from American forces.
Despite the hardline posture, the White House struck an optimistic tone on Wednesday, pointing to ongoing backchannel efforts. “We feel good about the prospects of a deal,” Press Secretary Karoline Leavitt said, describing Pakistan-mediated discussions as “productive and ongoing.”
US President Donald Trump has indicated that the conflict he initiated alongside Israel in late February could be nearing an end, even as enforcement measures remain in place. Washington has also warned it could tighten secondary sanctions on buyers of Iranian crude, signaling readiness to escalate economic pressure if talks stall.
Munir in Tehran
Diplomatic momentum now appears to hinge on renewed negotiations that could take place in Pakistan as early as this weekend. In a key development, Pakistan’s army chief, Asim Munir, arrived in Tehran on Wednesday carrying messages between the two sides. Munir, who helped broker earlier rounds, is expected to push for compromises to bridge remaining gaps.
Iranian Foreign Minister Abbas Araqchi said Tehran remains committed to “promoting peace and stability in the region,” underscoring a willingness to keep diplomatic channels open.
At the same time, tensions remain elevated beyond the Gulf. Iranian military officials have warned of potential threats to shipping in the Red Sea if the US blockade persists, widening the geographic scope of the crisis.
Financial markets, however, have responded positively to the prospect of a breakthrough. US equities surged to record highs, with the S&P 500 rising 0.8% to close at 7,022.95, and the Nasdaq Composite jumping 1.59% to 24,016.02. The rally caps a sharp rebound over the past two weeks, with investors betting that a diplomatic resolution could stabilise energy flows and ease geopolitical risk.
