U.S. and Iran Exchange New Drafts via Intermediaries Amid Strait of Hormuz Dispute

Diplomatic efforts between the United States and Iran have entered a delicate phase, with Secretary of State Marco Rubio acknowledging "slight progress" in ongoing negotiations. Despite signs of movement, Rubio emphasized that the U.S. remains prepared for a "Plan B" involving military strikes should diplomacy fail. Mediation efforts are currently being led by Pakistan, with Field Marshal Asim Munir reportedly in Tehran to facilitate the exchange of messages and draft texts between the two nations. A central point of contention has shifted toward maritime security in the Strait of Hormuz. While the U.S. insists the waterway must remain free and open, reports suggest the Trump administration has flatly rejected Iranian proposals for a tolling system. International involvement is also piquing, as France has reportedly begun drafting a UN Security Council resolution to deploy an international mission to ensure uninterrupted shipping in the region. The nuclear file remains a major hurdle, with negotiators still deadlocked over Iran's uranium stockpile and the sequencing of potential sanctions relief. Regional observers, including UAE official Anwar Gargash, have described the likelihood of a breakthrough as a "50-50" chance. These uncertainties have begun to affect global energy markets, with oil prices rising as investors weigh the risk of a potential blockade or renewed military escalation.