Pakistan is mediating the peace talks between the U.S. and Iran. The Pakistani official told PTI that the fresh Iran proposal is a phased de-escalation framework, seeking to separate immediate conflict management from the more complex and long-standing dispute over Tehran’s nuclear programme.

There are three broad components of it.

“The first component of the plan focuses on urgent de-escalation measures,” the official said.

“Iran has indicated willingness to ease tensions in and around the strategic Strait of Hormuz, provided Washington reciprocates by scaling back its military posture and easing economic pressure, including restrictions affecting Iranian oil exports,” he said.

Tehran views confidence-building steps as essential before entering substantive negotiations, the official said.

“Secondly, Iran is seeking to decouple the restoration of maritime trade and oil flows from nuclear negotiations, arguing that economic normalisation should precede any binding commitments on its nuclear activities,” he said.

The third component concerns “conditional flexibility” on the nuclear front.

“While reaffirming its position on the right to peaceful nuclear energy, Iran has indicated openness to discussing limits on uranium enrichment and enhanced monitoring mechanisms – but only within a broader agreement that guarantees tangible sanctions relief,” he said. — PTI

Iran launched a hunt for the U.S. crew whose jet Iranian media said had been shot down by the Iran’s air defence systems on Friday (April 3), deploying troops and offering a bounty.

U.S. media reported U.S. special forces had rescued one of the two crew members, and a local official television station in southwestern Kohgiluyeh and Boyer-Ahmad province aired footage of what it said was wreckage of the downed plane.

U.S. Central Command (CENTCOM), responsible for military operations in the West Asia, did not immediately respond to an AFP request for comment on what would be the first known loss of a jet inside Iran since Trump ordered the war.

“Dear and honourable people of Kohgiluyeh and Boyer-Ahmad province, if you capture the enemy pilot or pilots alive and hand them over to the police and military forces, you will receive a valuable reward and bonus,” said an Iranian television reporter on the official local channel.- AFP

As a fresh West Asia conflict risks sending oil prices sharply higher, Saudi Arabia, Russia and six other key members of the OPEC+ alliance are widely expected to announce an output increase on Sunday (March 1, 2026), analysts say. 

The virtual meeting by the eight members of the Organization of the Petroleum Exporting Countries and allied nations (OPEC+) known as the “Voluntary Eight” (V8) comes a day after the U.S. and Israel launched an ongoing wave of strikes on Iran.

Last year, the V8 group — comprising Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — boosted production by around 2.9 million barrels per day (bpd) in total before announcing a three-month pause in output hikes.

But now the picture has changed dramatically.

Brent, the global benchmark for crude oil, jumped more than 3% on Friday (February 27) to trade over $73 per barrel, up from $61 at the beginning of the year.

-AFP