Dow Jumps Amid Report of Renewed US-Iran Talks

Pakistan is tiptoeing into a risky new role: helping revive US-Iran talks at China's urging, three Pakistani sources tell Reuters. Iran's interior minister, Eskandar Momeni—seen as close to the Revolutionary Guard—has made two trips to Islamabad in 10 days, meeting civilian leaders and army chief Asim Munir in what sources describe as exploratory contacts. The report triggered excitement on Wall Street, notes CNBC, with the Dow jumping more than 300 points as oil prices took a hit.

The dance continues to be intricate: Yemen's Iran-aligned Houthis this week proclaimed a naval blockade on Pakistani ally Saudi Arabia and attacked two of its oil tankers, squeezing oil routes alongside tensions in the Strait of Hormuz—and hitting China's trade interests. Beijing, Iran's top oil customer, is backing Pakistan's mediation bid, but Islamabad must balance that against its financial dependence on Saudi Arabia. A Pakistani official said any renewed talks would require one condition: attacks on Saudi Arabia and other Gulf states must stop.