Pakistan, Backed by China, Seeks to Revive US-Iran Talks; Oil Falls Nearly 5% on Friday

On Friday, 24 July 2026, Reuters reported that Pakistan, in a China-initiated push, is exploring a path to resume the stalled US-Iran talks after nearly five months of war. Iran's Interior Minister Eskandar Momeni visited Islamabad this week for the second time in ten days, meeting Pakistani government leaders and army chief Asim Munir.

Earlier, on Thursday evening, Chinese Foreign Minister Wang Yi and Pakistani Deputy Prime Minister and Foreign Minister Ishaq Dar met in Shanghai and called for an immediate ceasefire and a return to dialogue. According to the report, a halt to attacks on Saudi Arabia and Persian Gulf states is now a prerequisite for talks to resume.

Markets reacted: oil fell on Friday, with WTI down about 5% to near $88 and Brent off roughly 3.3%, although crude was still up close to 7% for the week.