Pakistan PM Sharif spoke with Iran president yesterday

Prime Minister Shehbaz Sharif and Iranian President Masoud Pezeshkian held a telephone conversation on March 12, 2026, reaffirming Pakistan-Iran cooperation amid escalating regional tensions. During the call, both leaders emphasized the importance of diplomatic engagement to address the crisis triggered by recent U.S. and Israeli military actions against Iran, which have intensified into a broader conflict involving missile and drone strikes across the Middle East. The conflict has disrupted global energy markets, with Iran's closure of the Strait of Hormuz—through which 20% of global oil shipments pass—sparking fears of supply shortages and driving oil prices higher. Gulf nations, including Saudi Arabia and the UAE, have experienced attacks on critical energy infrastructure, leading to temporary refinery shutdowns and suspended liquefied natural gas (LNG) exports. The International Energy Agency is reportedly preparing its largest-ever release of oil reserves, while G7 nations plan urgent discussions to mitigate surging fuel costs and economic instability. The United Nations has warned that rising energy prices are exacerbating hardship for vulnerable populations, with countries like Egypt reporting up to 30% fuel price increases. Despite the crisis, Pakistan and Iran reiterated their commitment to strengthening bilateral ties and expanding cooperation across sectors. The leaders also agreed to maintain high-level consultations to address regional challenges and advance shared goals of stability and development.