Iran’s Foreign Minister Abbas Araghchi met Pakistan’s Interior Minister Mohsin Naqvi in Tehran on Friday, continuing backchannel discussions aimed at finding a workable framework to ease tensions and restart stalled peace efforts, according to Iranian media reports.

The talks come at a moment when both sides are cautiously testing the waters، but still locked on two deeply sensitive issues: Iran’s uranium stockpile and the future control of the Strait of Hormuz, a critical global shipping route.

Washington has signaled limited optimism. US Secretary of State Marco Rubio said there were ‘some good signs’ in the negotiations, but warned that no agreement would hold if Tehran moves ahead with restrictions or toll systems on the Strait of Hormuz, through which a significant share of global oil once flowed.

That corridor has already become a pressure point in the wider conflict, with shipping traffic sharply reduced and energy markets reacting almost instantly to every political signal. Oil prices have climbed, the US dollar has strengthened, and analysts say markets are now pricing in uncertainty rather than resolution.

One market observer described the situation as a ‘slow burning geopolitical shock,’ where even small diplomatic shifts can trigger outsized financial reactions. Behind the scenes, however, the core disagreements remain unchanged.

Iran continues to insist on control over its nuclear program and demands sanctions relief and asset releases, while Washington has pushed for stricter limits on enrichment and greater oversight of sensitive facilities.

Former US President Donald Trump, commenting on the issue, maintained a hard line, saying the US would ultimately recover Iran’s highly enriched uranium stockpile and would not allow it to remain in Iranian control.

Iranian officials, however, continue to argue that their nuclear programme is for civilian purposes only, and have resisted demands to transfer enriched material abroad. What makes this phase of negotiations different is not just the diplomacy, but the stakes surrounding it.

The Strait of Hormuz a narrow but vital passage for global energy flows sits at the center of competing narratives, economic survival for global markets on one side, and strategic leverage for Tehran on the other.

As talks continue, the reality is clear. This is no longer just a diplomatic file. It is a high-pressure test where energy security, regional power, and global inflation risks are all tightly interlinked and where even small breakthroughs or breakdowns can ripple far beyond the negotiating table.