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The collapse of talks between the US and Iran has sent shockwaves through global markets, fuelling fears of a prolonged energy crisis and rising inflation. The failure to reach a peace deal has left large numbers of oil tankers stuck in the Persian Gulf, with oil prices fluctuating wildly in response to the uncertainty.US Vice-President JD Vance has blamed the collapse of the talks on Tehran's refusal to abandon its nuclear weapons programme, while Iranian sources have hit back at what they describe as 'excessive' demands from Washington. The stalemate has raised concerns about the long-term impact on the global economy, with governments and central banks warning of higher inflation and interest rates.Mohamed El-Erian, an adviser to Allianz, has cautioned that uncertainty will continue to dominate assessments of the financial impact from the conflict. 'Absent a swift resumption of negotiations, the immediate reaction of financial markets when they open for the trading week will be to push oil prices higher and borrowing costs higher,' he said.The International Monetary Fund and World Bank's spring meetings in Washington will focus on the war's impact on the global economy, with the IMF's managing director, Kristalina Georgieva, indicating that the fund will present three scenarios predicting lower economic growth and higher inflation. The IMF is also expected to highlight the impact on vulnerable economies.In the short term, oil prices have ended the week lower, with Brent crude at $94.26 a barrel and West Texas Intermediate crude at $95.63 a barrel. However, global stock markets have rebounded after a temporary ceasefire was announced, with the S&P; 500 close to its level before the US-Israeli attacks on Iran began.

The forthcoming negotiations between the United States and Iran in Islamabad are expected to be significantly influenced by the growing leverage of the Strait of Hormuz. This critical waterway, through which a substantial portion of the world's oil supplies passes, has become a focal point of heightened tensions in the region. The Strait of Hormuz, situated between Iran and Oman, is a vital artery for global energy exports, with approximately 20% of the world's oil supply passing through it. Any disruption in this waterway could have profound implications for global energy markets and the world economy. The talks in Islamabad come at a time when regional tensions are on the rise, with various geopolitical factors contributing to the complex dynamics at play. The strategic importance of the Strait of Hormuz is likely to be a central theme in the discussions, as both sides seek to assert their positions on key issues.

On the eve of significant diplomatic talks between the United States and Iran, Pakistan's ambassador has shared insights with Al Jazeera. The discussions come at a critical juncture in international relations, with global implications for diplomacy and geopolitics.The ambassador's comments highlight Pakistan's interest in the developments, given its strategic position in the region. As tensions between the US and Iran continue to influence the global landscape, Pakistan's perspective adds a valuable layer to the conversation.

Pakistan is set to host high-level talks between the United States and Iran in Islamabad, with a modest goal of getting the two nations to find common ground to continue negotiations. The talks, which will be held in a 'proximity format' with Pakistani officials shuttling messages between the two teams, follow a Pakistan-mediated two-week ceasefire agreed upon by the US and Iran.The US delegation, led by Vice President JD Vance, and the Iranian team, expected to be led by Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad Bagher Ghalibaf, will meet at the Serena Hotel in Islamabad. Despite the significant differences between the two nations, experts and sources close to the mediation effort have expressed little expectation of a major breakthrough.Pakistan's goal is to secure an agreement for the US and Iran to continue dialogue, with the aim of building on the truce that led to a collective sigh of relief globally. The talks will focus on finding a lasting peace deal, with key issues including verifiable restrictions on Iran's nuclear programme and full sanctions relief.The talks are taking place against a backdrop of escalating tensions in Lebanon, with Iran framing Israeli strikes on Lebanon as a direct challenge to the ceasefire. Iranian President Masoud Pezeshkian warned that continued attacks would render negotiations meaningless.Despite these challenges, there are tentative signs of easing tensions ahead of the talks, with US Vice President JD Vance expressing optimism about the negotiations and Saudi Arabia's foreign minister speaking with his Iranian counterpart for the first time since the war started.

The conflict between Iran, the United States, and Israel has escalated on day 35, with the US and Israel widening their attacks on Iranian infrastructure. The strikes have targeted a century-old medical research centre in Tehran, steel plants, and a bridge near the capital, which Iran claims was civilian infrastructure.The human toll continues to rise, with at least 2,076 people killed and 26,500 wounded in Iran since the start of the US-Israeli attacks. Iran's Foreign Ministry reports that more than 600 schools and education centres have been hit since February 28.Iran's military has vowed to continue the war until its enemies face 'humiliation' and 'surrender', warning the US against a ground invasion. The Iranian Foreign Ministry has stated that it is ready for any type of attack, including a ground attack.In a significant development, US Defense Secretary Pete Hegseth has abruptly fired the US Army's top general and two other senior officers, sparking speculation of a wartime leadership shake-up.The conflict has also drawn in other countries, with Pakistan pushing for US-Iran talks and the United Kingdom holding talks with about 40 countries on reopening the Strait of Hormuz, which carries about 20 percent of the world's oil and LNG. The US has lost 13 service members in combat and two to noncombat causes, with more than 200 injured.In Israel, sirens have become 'part of life', with residents repeatedly heading to shelters, especially in the Tel Aviv area. The conflict has also intensified along the northern front, with Hezbollah carrying out 60 military operations against Israel in 24 hours.

Pakistan has confirmed that it is acting as a mediator in ongoing talks between the United States and Iran. This development comes at a time when tensions between the US and Iran have been escalating. The mediation efforts by Pakistan are seen as a crucial step in attempting to ease the strained relations between the two countries.The role of Pakistan in these talks highlights its growing influence in regional diplomacy. Iran and the US have been at odds over various issues, including Iran's nuclear program and its support for certain militant groups. These tensions have had significant implications for the stability of the Middle East.By facilitating dialogue, Pakistan aims to contribute to a reduction in hostilities and promote a more stable environment in the region. The success of these mediation efforts could have far-reaching consequences for international relations and security.