Global
Tehran's phased proposal focused on ending the military conflict and securing the Strait of Hormuz before addressing the nuclear file in the second quarter of 2026. Washington remains firm on its stance that no deal will be signed without a permanent guarantee against Iranian nuclear weapons. Pakistani mediation continues through "quiet diplomacy" and remote draft exchanges following the cancellation of the Islamabad direct summit. Minister Araghchi's visit to Moscow to meet President Putin signals a strategic maneuvering against US pressure. As the US naval blockade on Iranian ports persists and the Strait remains closed to international traffic, energy markets brace for potential supply shocks in Spring 2026. The coming days are critical for deciding between a gradual de-escalation or further regional conflict.
