Washington: Donald Trump cancelled a planned Pakistan trip by envoys Jared Kushner and Steve Witkoff for Iran peace talks, according to Fox News. He said the move does not signal a return to war with Iran, adding that no such decision has been considered.
Iran had outlined its key demands and red lines ahead of fresh diplomatic efforts involving the United States, signalling openness to mediated talks while rejecting what it described as “maximalist demands.”
Iranian Foreign Minister Abbas Araghchi conveyed Tehran’s position to Pakistani officials during discussions in Islamabad, according to a Pakistani source. The outreach comes as Washington seeks to revive engagement through backchannel diplomacy.
The conflict has entered its ninth week. A ceasefire that began on June 24 was recently extended, but uncertainty continues to affect global energy markets, pushing prices higher and raising inflation concerns.
In a statement, Araghchi said he had outlined Iran’s “principled positions” regarding the ceasefire and the end of what he called the imposed war. An Iranian diplomatic source in Islamabad reiterated that Tehran would not accept demands it considers excessive, even as negotiations remain underway.
Shipping companies are paying as much as $4 million for last-minute transit slots through the Panama Canal as tensions linked to the Iran conflict disrupt the Strait of Hormuz, which is forcing a shift in global trade routes.
With regular bookings exhausted, firms are turning to high-cost auctions to secure faster passage and avoid delays caused by instability near Iran’s coast. The surge in rerouted cargo has driven unprecedented demand for canal crossings.
Typically, transit through the Panama Canal costs between $300,000 and $400,000, depending on vessel size. Companies seeking priority access previously paid an additional $250,000 to $300,000. That premium has now surged sharply, with average auction prices for expedited slots reaching about $425,000, and in some cases climbing into the millions.