Karachi, April 23, 2026 — Prominent business leader Mian Zahid Hussain has described the recent diplomatic engagement in Islamabad as a pivotal moment for global stability, crediting Pakistan with playing a central mediating role in efforts to prevent further escalation of the Iran–United States conflict.
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Mian Zahid Hussain, who serves as President of the Pakistan Businessmen and Intellectuals Forum and Chairman of the National Business Group Pakistan, said the Islamabad negotiations represented a rare breakthrough in a rapidly deteriorating global crisis that has already disrupted energy markets, trade flows, and economic stability across multiple regions.
He said the 2026 Iran–US conflict, intensified by the closure of the Strait of Hormuz and resulting supply disruptions, had triggered unprecedented volatility in global oil markets, pushing prices above $120 per barrel and creating what he described as “the most severe energy shock in modern history.”
According to Hussain, the situation led to a significant contraction in Gulf oil output and disrupted global supply chains, placing pressure on both developed and emerging economies. He warned that continued instability could push the global economy toward stagflation-like conditions reminiscent of the 1970s.
He noted that the Islamabad talks held on April 11–12 at the Serena Hotel marked the first high-level direct engagement between Washington and Tehran in decades. While no formal agreement was reached, he said the talks succeeded in stabilizing a fragile ceasefire and preventing further escalation.
“The Islamabad Talks were not just negotiations; they were a critical intervention that prevented a wider regional collapse,” Hussain stated.
He also highlighted Pakistan’s diplomatic positioning, describing it as a “limited alignment strategy” that maintained neutrality while safeguarding national economic interests amid global turbulence.
On the domestic front, Hussain pointed to severe economic pressures, including rising fuel costs, reduced LNG imports, and inflationary shocks affecting both industry and consumers. He said Pakistan’s energy vulnerability had intensified during the crisis, with significant strain on supply chains and foreign exchange reserves.
He further warned that prolonged conflict could worsen Pakistan’s trade deficit, increase import bills, and reduce remittance inflows from Gulf countries, thereby placing additional pressure on the rupee and overall macroeconomic stability.
Mian Zahid Hussain stressed that continued diplomatic engagement is essential, calling for a permanent ceasefire and broader international support for the negotiation process. He also emphasized the importance of restoring energy corridor stability, particularly in the Strait of Hormuz, which he described as vital for global oil transportation.
He urged the international community to support renewed talks and explore measures such as sanctions relief and asset normalization to help stabilize the region and restore global economic confidence.
Concluding his remarks, Hussain said Pakistan’s role in facilitating dialogue had reinforced its importance as a regional mediator, while warning that failure to sustain diplomatic momentum could deepen global economic uncertainty.
