Regional FMs to meet in Turkey on Hormuz, Iran cease-fire proposals - WSJ

Pakistan’s Prime Minister Shehbaz Sharif briefed President Asif Ali Zardari on recent US-Iran talks on Tuesday and said he will visit Saudi Arabia and Turkey this week to advance peace efforts, according to a statement from the president’s office.

According to the statement, Zardari urged Sharif and other officials to remain engaged with the United States, Iran and key regional and global powers to sustain the peace process and promote regional stability.

The president also praised Pakistan’s role in facilitating talks between the United States and Iran, saying it had “reaffirmed its position as a responsible and pivotal state in the international community” and demonstrated its peacemaking credentials.

Current oil prices do not reflect the severity of the threat posed by the Iran war to global energy markets and could rise significantly if the Strait of Hormuz remains closed, the head of the International Energy Agency said.

“The prices are, in my view, they do not reflect the current situation we are in,” Fatih Birol said on Tuesday at the Semafor World Economy conference in Washington.

He warned that if the Strait of Hormuz is not reopened to the free flow of oil and gas, global crude prices could rise well above current levels of nearly $100 a barrel.

Workers and business owners described a surge in unemployment and poverty. In industrial hubs like Qazvin and Marvdasht, residents said factories are shutting down or firing staff due to a lack of raw materials and missing government support.

"The internet is cut, goods are scarce, and prices increase every day," one citizen told the broadcaster.

In the petrochemical industry, sellers of UPVC pipes said they stopped operations because volatile prices make sales a guaranteed loss. Others reported that companies using polypropylene face severe shortages of raw materials following damage to petrochemical plants.

In Isfahan and Qazvin, workers said factories are refusing to renew contracts or are labeling staff as "not needed" to move them onto unemployment insurance. One employer told Iran International he was forced to cut his workforce because customers can no longer pay their debts.

The reports also highlight a failure to raise wages. Despite a promised 60% increase, workers said the labor department told them the government has issued no new orders to raise pay.

The crisis extends beyond industry. One resident said new goods arrive in shops at double their previous price. "Tablecloths are becoming empty one after another," the resident said, referring to the shrinking ability of families to buy food.

Younger Iranians also reported a sense of despair. An 18-year-old said the lack of internet and economic pressure has turned life into a struggle for "survival," while students in Rasht expressed fear over upcoming final exams and university entrance tests during the instability.

The head of Israel’s Mossad intelligence agency David Barnea said operations in Iran would continue until the country’s leadership is replaced.

Speaking at a Holocaust remembrance ceremony, Barnea said the agency had operated “in the heart of Tehran” during the recent US-Israeli campaign.

“We brought precise intelligence to the Air Force, and we hit missiles that threatened Israel,” he said.

“But our mission has yet to be completed,” he added, saying operations were planned to continue after the strikes.

Barnea said Mossad’s role would end “only when this radical regime is replaced,” adding that Israel would not stand by in the face of what he described as an existential threat.

France’s President Emmanuel Macron said he had urged the United States and Iran to resume talks and avoid further escalation following discussions with both sides.

Macron said he spoke with Iran’s President Masoud Pezeshkian and US President Donald Trump on Monday.

“I urged the resumption of the negotiations suspended in Islamabad, the clearing up of misunderstandings, and the avoidance of any further escalation,” he said in a post on X.

He said it was essential that a ceasefire be respected by all parties and that it include Lebanon.

Macron also called for the Strait of Hormuz to be reopened unconditionally and without restrictions as soon as possible.

“Under these conditions, negotiations should be able to resume quickly, with the support of the key parties concerned,” he said.

He added that France and Britain would host a conference in Paris on Friday bringing together countries willing to contribute to a defensive multilateral mission to restore freedom of navigation in the strait when security conditions allow.