Diplomatic efforts to ease tensions between Iran and the United States have yet to produce a final agreement, keeping uncertainty alive in global energy markets.

A Reuters report published on Tuesday said Iranian officials were reluctant to reach a quick settlement, citing deep mistrust and concerns about renewed military action. The future of the Strait of Hormuz remains a major concern because the waterway is a vital route for international oil shipments.

According to Reuters’ market report, Brent crude rose approximately 1.7% on October 20 to around $111 per barrel. Regional tensions and concerns about maritime traffic contributed to the market’s movements.

For countries such as Pakistan, changes in international crude prices can affect import bills, transport expenses and inflationary pressures. However, domestic fuel prices also depend on government pricing decisions, taxes, exchange rates and other costs.

The evolving situation underlines the close relationship between diplomacy, maritime security and energy affordability. Any lasting improvement in regional stability could influence shipping confidence and market expectations, although the timing and extent of such changes remain uncertain.