Iran has received a 15-point peace proposal from the United States through Pakistani intermediaries, raising cautious hopes of a diplomatic solution to a conflict that has already sent global oil prices skyrocketing and threatened to destabilise the world economy.
How the plan was delivered
Two senior Pakistani officials in Islamabad confirmed to AFP on Wednesday that the American proposals had been formally conveyed to Tehran.
Pakistan has positioned itself as a potential mediator, given its longstanding ties with both Iran and the United States.
According to Israel’s Channel 12, the plan calls for a ceasefire under which both sides would negotiate a broader agreement, including a ban on Iran enriching uranium on its soil and the reopening of the Strait of Hormuz — the critical oil shipping lane Iran has largely blockaded since the conflict began.
In return, Iran would receive sanctions relief.
What started the war
The conflict began on February 28, 2026, when the United States and Israel launched a coordinated bombing campaign against Iran.
Lebanon was drawn in on March 2 when Hezbollah began firing rockets into Israel following the killing of Iran’s Supreme Leader, Ayatollah Ali Khamenei.
Since then, targets in Iran, Israel, Lebanon, Bahrain, Kuwait, Jordan and Saudi Arabia have all come under fire.
Lebanese authorities say more than 1,000 people have been killed in over three weeks of Israeli strikes, with upwards of one million people displaced.
Iran fires missiles at US carrier
Despite the diplomatic activity, military operations have not slowed.
Iran’s military said it fired cruise missiles at the USS Abraham Lincoln carrier group, claiming the strikes forced the vessel to change its position. Tehran warned of further strikes if the “hostile fleet” comes within range.
Israel, meanwhile, said it struck targets in Tehran and hit a submarine development facility in the central city of Isfahan.
What this means for Nigeria and the world
The war’s impact on global oil markets is already severe.
The Strait of Hormuz, through which one-fifth of the world’s oil passes, has been largely blockaded by Iran. Oil prices surged sharply before easing slightly on Wednesday, following signs of possible de-escalation.
The head of the International Energy Agency said he was ready to approve the release of emergency oil reserves to cushion the impact on global supplies.
The ripple effects are visible worldwide. Sri Lanka ordered an extra day off work to conserve energy. Diesel prices have doubled in Vietnam.
For Nigeria, which imports refined petroleum products and whose economy is sensitive to global oil price swings, a prolonged conflict risks pushing pump prices higher and worsening the already difficult cost-of-living pressures facing ordinary Nigerians.
Diplomats urge caution
A diplomatic source in the region told AFP: “There is hope, but it’s too early to be optimistic.”
Both sides, the source noted, need a path to de-escalation that allows them to back down without losing face publicly.
Iran’s parliament speaker, Mohammad Bagher Ghalibaf, kept up tough public rhetoric, warning the US: “Do not test our resolve to defend our land.”
US President Donald Trump told reporters on Tuesday that Iran had given him what he described as “a very big present worth a tremendous amount of money,” which he linked to the Strait of Hormuz, though he declined to give details.
Tehran subsequently assured the International Maritime Organisation of safe passage through the strait for vessels it does not consider hostile, exempting ships belonging to the United States and Israel.
No date has been set for formal talks. Both sides continue to offer conflicting public accounts of whether negotiations are actually taking place. The next key indicator will be whether Iran formally responds to the 15-point plan or continues to deny that any dialogue is ongoing.