ISLAMABAD/ST. PETERSBURG – Iranian Foreign Minister Abbas Araghchi has arrived in St. Petersburg for a meeting with Russian President Vladimir Putin after concluding a critical two-day diplomatic mission in Islamabad.
Speaking to state media upon his arrival in Russia, Araghchi described his talks in Islamabad as "very productive,” noting that they reviewed the specific conditions required for negotiations with the US to continue. Before heading to Russia, the Foreign Minister also visited Oman to discuss maritime security in the Strait of Hormuz. His departure from Pakistan follows a brief period of confusion during which he returned to Islamabad on Sunday for final consultations with Pakistani mediators before proceeding with his regional tour.
Article 3: Global Oil Prices Surge as US-Iran Standoff Continues in Strait of Hormuz
MARKETS – International oil prices jumped by more than 2% on Monday morning as investors reacted to the stalemate in the Pakistan-led peace talks. The standoff in the Strait of Hormuz remains a primary concern for global energy markets, with the US military’s Central Command reporting that it has intercepted or turned back 38 ships as part of its ongoing blockade of Iranian ports.
The United States continues to enforce strict maritime restrictions despite the indefinite extension of the ceasefire announced by President Trump last week. Iran, meanwhile, is reportedly seeking support for a new tolling mechanism for vessels passing through the Strait. With negotiations in Islamabad currently stalled, analysts warn that continued volatility in the Gulf could lead to further spikes in global fuel costs.
