Pakistan says US, Iran nearing deal as Hormuz tensions persist and oil prices fall

Pakistani Defense Minister Khawaja Muhammad Asif claimed on Tuesday that the United States and Iran were nearing an agreement, providing a rare glimmer of hope amid ongoing tensions. Asif suggested that developments in recent days indicated that the two nations were moving closer to a deal, which could help ease the ongoing blockade of Iranian ports.

Oil prices dropped following Asif's remarks, reflecting renewed optimism for a resolution to the standoff. Pakistani Interior Minister Mohsin Naqvi was reportedly in Tehran for talks, indicating progress in negotiations that had previously appeared stalled. Meanwhile, U.S. President Donald Trump, who had previously signaled a softer stance toward Iran, renewed threats against Tehran in a post on Truth Social.

Trump accused Iran of seeking compensation for damages caused by military conflicts, including the attack on the USS Cole. He also stated that if negotiations failed, a broader escalation of fighting remained an option. The diplomatic efforts were complicated by a reported U.S. military attack on a Panama-flagged ship attempting to evade the U.S. blockade of Iranian ports.

A missile fired from a U.S. helicopter struck the vessel, causing a fire that was later extinguished. No injuries were reported, but the incident highlighted the ongoing military confrontations surrounding the negotiations. The United States has imposed a blockade on Iranian ports, limiting Tehran's ability to export oil and intensifying economic pressure on the Islamic Republic.

Israel, closely monitoring the developments, expressed concern about the possibility of President Trump declaring victory without securing a comprehensive deal to dismantle Iran's nuclear program. Israeli officials emphasized their preference for maintaining economic pressure on Iran through the blockade, rather than prematurely ending the conflict.