BEHIND the scenes of the ongoing conflict, a flurry of diplomatic and economic shifts unfolded as the United States advanced a 15-point proposal aimed at ending its war on Iran.
Media reports on Tuesday indicated that Pakistan served as an intermediary, delivering the detailed draft to Tehran.
According to Israeli broadcaster N12, the plan’s core demands centre on Iran’s nuclear program, requiring a formal commitment to forgo nuclear weapons and a handover of its enriched uranium stockpile to the International Atomic Energy Agency.
Axios, citing a source familiar with the matter, added that U.S. special envoy, Steve Witkoff, had informed President Donald Trump that Iran had already agreed to several key provisions, including relinquishing its supply of highly enriched uranium.
While the White House projected momentum – with Trump asserting that Iran was eager to strike a deal, stating, “We’re actually talking to the right people, and they want to make a deal so badly, you have no idea how badly they want to make a deal” – the path forward remained uncertain.
The New York Times noted that it was unclear how Tehran would formally respond, leaving the reactions of key stakeholders, including Israel, an open question.
Simultaneously, Iran signalled a potential de-escalation in the strategically vital Strait of Hormuz, a waterway that has become a central flashpoint in the conflict.
In a late-night statement, Iran’s mission to the United Nations announced it was easing transit restrictions, outlining that vessels not deemed hostile and not supporting military action against Tehran would be permitted to pass.
However, the move came with firm conditions: ships must comply with Iranian security regulations and coordinate their passage with relevant authorities.
The announcement marked a notable shift in a region where Tehran had previously attacked vessels, effectively threatening a passage through which approximately 20 percent of the world’s oil supply normally flows.
The market reaction to these diplomatic overtures was immediate and dramatic, underscoring the fragility of global energy supplies amid the conflict.
Oil prices fell below the key $100 per barrel mark following Trump’s comments about the negotiations. Brent crude for May delivery dropped roughly four percent within minutes, slipping just under $100 a barrel after weeks of volatility that had briefly pushed prices toward $120.
The decline, which offered a reprieve from rising costs for fuels like petrol and diesel, stood in stark contrast to the months before the conflict when Brent had traded steadily between $60 and $70.
Despite the market’s optimism, a gap remained between the U.S. narrative of progress and Iran’s official stance, as Tehran had previously denied any willingness to negotiate and had not issued an immediate official response to President Trump’s latest claims.
