Pakistan and Qatar sent delegations to Tehran on Friday as the month‑long U.S.–Iran cease‑fire teeters. Pakistan’s army chief Field Marshal Syed Asim Munir led a high‑profile team, signaling intensified mediation after weeks of stalled talks over Iran’s nuclear program and the Strait of Hormuz. The arrival underscored growing fears of a renewed conflict.

Qatar’s envoy, dispatched in coordination with Washington, joins a back‑channel role the Gulf state has played in previous regional de‑escalations, including last year’s Israel‑Iran cease‑fire. U.S. Secretary of State Marco Rubio noted “slight progress” but cautioned against optimism, while Iran’s foreign ministry confirmed it was reviewing Washington’s latest proposals. The diplomatic push occurs as Tehran tightens control of the strategic waterway, threatening global energy flows.

Investors watch the Strait closely; any Iranian move to levy tolls on passing vessels would cripple oil shipments and render a settlement financially untenable, Rubio warned. The fragile talks influence oil markets, shipping rates, and regional risk premia. With both mediators on the ground, the next few days will determine whether the cease‑fire holds or market volatility spikes.