U.S. and Iran Advance Draft Deal Amid Military Strikes and $12 Billion Asset Row

The Trump administration is pursuing a dual-track strategy with Tehran, advancing a draft diplomatic agreement while simultaneously launching fresh airstrikes on Iranian military capabilities. Secretary of State Marco Rubio stated that a "pretty solid" draft is currently on the table, focusing on reopening the Strait of Hormuz and establishing a time-limited framework for nuclear talks. However, President Trump has emphasized that he will not rush the process, stating he is seeking a "great deal for all" or no deal at all. A significant hurdle has emerged as Iranian negotiators demand the immediate release of $12 billion in frozen assets held in Qatar as a strict precondition for the agreement's first phase. In a potential shift in diplomatic strategy, reports suggest the U.S. may defer the complex nuclear file to a later stage, prioritizing immediate maritime security and regional de-escalation to reach a broader peace arrangement more quickly. The geopolitical tension continues to impact global markets, with oil prices hitting two-week lows as traders weigh the possibility of a diplomatic breakthrough against ongoing hostilities. While the U.S. military continues to target Iranian missile and mine-laying hardware to maintain coercive pressure, international mediators, including Pakistan, remain active in supporting back-channel ceasefire efforts to stabilize the Gulf region.