Pakistan says US and Iran nearing agreement on Hormuz shipping

In Islamabad, defence minister Khawaja Asif said the United States and Iran are nearing some form of settlement on the Strait of Hormuz, a claim made without revealing details of any breakthrough. The comment followed reports that Iran and Oman have advanced talks to restore limited shipping through the strait, as reported citing a Qatari Foreign Ministry spokesman. President Donald Trump, however, recently hardened his stance, demanding Tehran pay compensation for attacks linked to Iran and for alleged U.S. breaches of a prior interim agreement, a demand Iran is likely to reject.

Brent crude dipped to about $87.50 a barrel after Asif's remarks, while European diesel futures rose sharply amid attacks on refineries in Libya and Russia. The United Arab Emirates' senior diplomatic adviser Anwar Gargash warned that the region cannot stay in a perpetual limbo of conflict. Meanwhile, the British navy reported an incident involving a container ship and military forces in the Gulf of Oman, and a Panama-flagged vessel was struck by a missile near the U.S. blockade line.