As international observers await Tehran’s response to a recent peace initiative proposed by Washington, efforts to deescalate tensions in the Middle East remain cautious and complex. The plan, introduced earlier this week, seeks a temporary arrangement aimed at halting the ongoing conflict and restoring maritime traffic through the strategically vital Strait of Hormuz.

Despite persistent disagreements, especially regarding Iran’s nuclear program, both sides have moderated expectations for a comprehensive resolution. Instead, the proposal focuses on preventing a resurgence of hostilities and reopening the key shipping corridor that connects much of the world’s oil supply.

A Pakistani mediator involved in the talks emphasized that the priority remains securing a permanent end to the war before addressing other contentious issues in subsequent direct negotiations. Pakistan’s Foreign Ministry expressed optimism about reaching an agreement soon, signaling hope for progress in the diplomatic process.

Iranian officials, however, remain skeptical about the US plan. While Tehran’s Foreign Ministry stated that a response would be forthcoming in due time, prominent political figure Ebrahim Rezaei characterized the proposal as largely aspirational, describing it as “more of an American wish list than a reality.” This caution reflects the continuing mistrust between the two countries and the challenges in bridging their differences.

Market reactions underscored the significance of even a tentative truce. Global stock markets neared record peaks on Thursday, while Brent crude oil prices dropped by approximately 3 percent to around $98 per barrel, reflecting investor optimism that an easing of tensions might stabilize energy markets.

Meanwhile, Iran has established a new government agency responsible for vetting and taxing vessels transiting the Strait of Hormuz, according to shipping data provider Lloyd’s List Intelligence. The agency is positioning itself as the sole authority granting passage approval, a move that complicates navigation for the approximately 1,500 ships and 20,000 crew members currently stranded in the Gulf due to reciprocal US and Iranian blockades.

In a related development, Iranian President Masoud Pezeshkian disclosed that he recently met with Supreme Leader Mojtaba Khamenei, who has remained out of the public eye since the conflict erupted. Khamenei reportedly sustained serious injuries, including facial disfigurement, during an Israeli airstrike that killed his father and predecessor, Ali Khamenei, on the war’s first day. The leadership’s status and stability remain critical factors influencing Tehran’s diplomatic posture moving forward.