Iran is currently reviewing a US proposal mediated by Pakistan as both nations edge towards a potential peace agreement, despite ongoing threats.US President Donald Trump stated that negotiations are in the 'final stages' and warned that failure to reach a deal could lead to 'nasty' consequences, while emphasising a preference for fewer casualties.Iran has responded cautiously, demanding the release of frozen assets and the lifting of US blockades on its ports.High-ranking Iranian officials, including Mohammad Bagher Ghalibaf, have warned that any renewed conflict could escalate beyond the Middle East.

The US-Iran ceasefire, which started on 8 April, has temporarily halted hostilities, but strategic concerns remain, particularly over the Strait of Hormuz, a critical global shipping route for oil and fertilisers.Both sides have maintained diplomatic channels, with Pakistan facilitating exchanges.Global oil prices dropped by over 5 per cent amid optimism for a deal.While international actors like Saudi Arabia have urged diplomacy, Israel remains on high alert.

The situation continues to exert pressure on energy markets and could exacerbate global food and fuel shortages if the Strait of Hormuz remains restricted.