Pakistan's foreign ministry says Army Chief Munir visited Tehran and generated substantial momentum on the Strait of Hormuz issue; positive about all parties returning to the negotiating table

The recurring pattern is that closure rhetoric and mediation language both tend to fade unless tanker traffic, AIS behaviour or IRGC posture actually changes, so the tell is physical rather than verbal. Pakistan is a plausible back channel here, and the signal is that the message is being carried by the Army Chief rather than the civilian foreign ministry, which in Pakistan's structure is the actor that usually matters on security files; whether Tehran and Washington treat the visit as substantive, rather than Islamabad freelancing, is the distinction that separates a premium bleed from a real de-escalation. Prior episodes of this kind have tended to resolve with insurers re-quoting and spreads normalising once no vessel is seized, leaving the risk concentrated in the tail of an actual interdiction. Worth noting is whether the reference to all parties returning to the table points to the nuclear track or a narrower maritime de-confliction track, since the crude market prices those differently. Confirmation from US or Iranian officials, and any change in war risk rates on Gulf loadings, are the follow-ons that have historically separated noise from signal.