New proposal being drafted as US and Iran seek Hormuz breakthrough, Pakistani source says

A Pakistani source has revealed that the United States and Iran are engaged in advanced indirect talks aimed at reopening the Strait of Hormuz, according to a new proposed memorandum of understanding. This proposal focuses on opening and maintaining the critical shipping route, which has been a point of contention between the two nations.

The talks are being facilitated by Pakistan, alongside Qatar and Oman, with the goal of establishing a 60-day initial arrangement that could potentially be extended. During this period, inbound traffic would traverse a northern lane through Iranian waters, while outbound vessels would use a southern lane through Omani waters, all without incurring any tolls or fees.

Iran's state media has hinted at the possibility of a future "middle corridor" through the strait. US President Donald Trump has expressed optimism about the discussions, while warning Iran of severe consequences should it back away from a deal. Treasury Secretary Scott Bessent stated that a deal could be reached within the next day or two to "open the strait and move towards a more normalized position in this conflict."

The prospect of an agreement has led to a dip in oil prices, with Brent crude falling below $79 a barrel. Iranian officials have insisted that negotiations are only taking place with Oman and have denied direct talks with the US, citing US interference and threats as reasons for delays. Despite these challenges, Iran's Foreign Minister has engaged in talks with officials from Oman, Saudi Arabia, Iraq, and Pakistan, as the process continues.