Pakistan Says US, Iran Close to Reaching Deal as Oil Prices Ease

Pakistan on Tuesday indicated that the United States and Iran may be close to reaching an arrangement that could help ease tensions and reduce pressure on global energy markets. Defence Minister Khawaja Asif told Bloomberg News that developments over the past two to three days suggested the two sides were moving toward a possible peace arrangement or agreement. “The signals in the last two, three days are that we are close to some sort of an arrangement,” he said.

Pakistan has actively pursued diplomatic efforts to help de-escalate the US-Iran conflict, which began with US and Israeli strikes on February 28, 2026, followed by Iranian retaliatory actions. Islamabad’s mediation efforts have received support from regional and international partners, including China, Saudi Arabia, Turkiye, Egypt and the United Nations, as diplomatic efforts continue to prevent a wider regional escalation.

Asif’s remarks coincided with a decline in global oil prices, with Brent crude futures falling 21 cents, or 0.24%, to $87.51 a barrel, while US West Texas Intermediate futures slipped 4 cents to $82.09. US President Donald Trump had earlier demanded compensation from Iran for people killed in wars, attacks and protests, potentially complicating efforts to reopen the Strait of Hormuz. Trump later claimed that US forces controlled the strategic waterway and had cleared it of Iranian mines. Before the conflict, around one-fifth of global daily oil and liquefied natural gas supplies passed through the Strait of Hormuz.