Pakistani chief of staff Syed Asim Munir met Iran’s chief negotiator Mohammad Bagher Ghalibaf in Tehran, as the U.S.‑Iran cease‑fire hangs in the balance. The talks aim to avert a new U.S. strike that could trigger a harsher Iranian retaliation.

Ghalibaf told state media that Iran’s military had rebuilt during the truce and warned that a renewal of hostilities would provoke a response far sharper than the first day of war. Pakistani and Qatari diplomats joined the dialogue, signaling regional pressure.

The United States, Israel and Iran agreed to a truce in early April to allow nuclear talks and reopen the Strait of Hormuz. Six weeks of stalled negotiations left key issues unresolved, prompting Trump to threaten renewed strikes while also seeking a diplomatic reset.

With the cease‑fire fragile, market participants brace for volatility in oil prices and geopolitical risk premiums. A collapse could tighten the Strait, spike energy costs, and force investors to re‑evaluate exposure to Middle East assets.