A proposal delivered by Pakistan’s army chief to senior Iranian officials has received U.S. approval and preliminary agreement from Iran, according to Israel’s Channel 12, cited by BlockBeats on Oct. 20. The report said the proposal partly addresses Tehran’s demand for the return of frozen funds. Under the arrangement, interest generated from Iran’s $6 billion in frozen funds held at a bank in Qatar would be transferred to Iran. Following the report, both major crude benchmarks moved lower in short-term trading. U.S. crude fell by about $0.8 to $97.51 a barrel, while Brent crude dropped by roughly $0.8 to $105.76 a barrel. The market move came as the report pointed to initial recognition from both Washington and Tehran for the Pakistan-mediated plan. No additional details were provided in the source material beyond the reported approval status, the treatment of interest on the frozen funds, and the immediate reaction in oil prices.
BlockBeats reported on Oct. 20, citing Israel’s Channel 12, that a proposal submitted today by Pakistan’s army chief to senior Iranian officials has been approved by the United States and has also received preliminary agreement from Iran.
The report said the proposal partly responds to Iran’s demand for the return of frozen funds. It would transfer to Iran the interest generated from $6 billion of Iranian funds frozen at a bank in Qatar.
After the report, both major oil benchmarks fell in short-term trading. U.S. crude was quoted at $97.51 a barrel and Brent at $105.76 a barrel, with each down by about $0.8. The reported trigger was the initial backing from the U.S. and Iran for the Pakistan-mediated proposal.
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