Iran says it is discussing with mediators a 7-day plan to end the war and reopen Hormuz

Iran is discussing with mediators how to put into effect a seven-day plan to end the war and reopen the Strait of Hormuz, Foreign Minister Abbas Araghchi said on X on Wednesday, according to Reuters as carried by ARY News. He said Iran "continues to give diplomacy a chance to succeed" and is in "close and ongoing contact with intermediaries".

The Qatari draft

Qatari mediators handed Iran a new draft deal on Sunday, CBS News reported, citing Reuters. Tehran is considering it and is expected to respond by the end of this week. A Qatari delegation visited Tehran on Sunday to discuss the talks, Hormuz and energy supplies.

According to Axios, cited by Reuters, the Qatar-led mediators want to restart US-Iran talks and head off a return to full-scale fighting after the US midterm elections on 3 November. Qatar is reportedly trying to persuade Iran to let UN inspectors visit its bombed nuclear sites in return for some US sanctions relief.

Iran's terms

Iran first proposed the seven-day plan in September and sent it to the US through Qatar. It says Hormuz would reopen within seven days if conditions are met, including:

• a ceasefire across the Middle East
• an end to the US naval blockade of Iranian ports
• lifting sanctions on Iran's oil sector
• unfreezing Iran's assets abroad

The US and Israel launched the war in February. Diplomacy stalled after a June deal collapsed. Iran claims control of the strait and targets ships that cross without its permission; the US blockades Iranian ports in return. A CENTCOM estimate seen by CBS puts the war's cost to the US military at at least $47.1 billion by mid-October.

What it means for petrol in Pakistan

Pakistan buys most of its crude, petrol, diesel and LNG from the Gulf, and much of it passes through Hormuz. Brent was at $115.47 on Wednesday after the Houthis said they hit Saudi Arabia's biggest refinery (our report). PSO's ex-depot Karachi petrol price is now Rs 377.91 a litre (petrol price today).

A credible deal would ease tanker insurance and freight costs and could cool oil quickly; a failure would keep them high. Pakistan's petrol and diesel prices follow international oil, so what happens to the Qatari draft this week matters at the pump here. Track diesel on our diesel price page.