• There have been no talks between the US and Iran, either directly or indirectly
• Friendly countries like Pakistan are seeking to lay the groundwork for dialogue between Tehran and Washington
• Hopes that these efforts could help in ending the war

The comments here are coming after a report that two Pakistani officials told the AP that Iran has received the 15-point US ceasefire proposal. However, there’s no word on how they are viewing the proposal and if they will be in agreement to that.

So far, there continues to be a lot of “he said, she said” kind of thing between the US and Iran.

As mentioned in the past few days, I don’t doubt that there is some form of contact between the two countries. And even if not, it is clear that we are moving on to a new phase in the war already. That as US president Trump is trying to seek a more cordial approach in winding down tensions between both sides.

For now, Iran may keep denying it as the otherwise narrative will not be popular back home. But if we know how the playbook runs as how it did with China and trade/tariffs, it is that eventually there will be something to cool tensions. The only thing we can do is wait and see.

The key question for markets is what then becomes of the Strait of Hormuz? And does Iran still hold significant leverage after in shutting down the strait as and when that they want?