LIVE: Pakistan offers mediation to end Iran war

Pakistan offers mediation to end Iran war

Several media reports have said that Pakistan has offered to mediate to end the Iran war.

Meanwhile, during Monday's phone call, Pakistan's top diplomat emphasised the importance of dialogue and diplomacy in promoting “peace, security and stability in the region and beyond” according to the Ministry of Foreign Affairs.

Also, Pakistan's Foreign Ministry said its top diplomat Ishaq Dar spoke with his Turkish counterpart on Monday, urging continued diplomacy as Islamabad steps up its outreach in the region.

Saudi Arabia and nuclear-armed Pakistan signed a mutual defense pact last year saying any attack on either nation is an attack on both.

Rupee falls 18 paise to 93.71 against the US dollar

Rupee falls 18 paise to 93.71 against the US dollar in early trade. 

Asian shares mostly rebound after Trump hints at possible end to Iran war

Asian benchmarks mostly rebounded Tuesday, echoing cautious relief that swept through Wall Street after President Donald Trump said the United States has talked with Iran about a possible end to their war.

Japan's benchmark Nikkei 225 added 1.1 per cent in morning trading to 52,093.02, recovering some of the losses it suffered the previous day.

Toyota Motor Corp's stock price gained 1.1 per cent in morning trading after it announced overnight that it was investing USD 1 billion in its Kentucky and Indiana auto plants. That's part of a plan to invest up to USD 10 billion in the US over the next five years that the Japanese automaker announced in November. Japanese manufacturers have been eager to show their contribution to American jobs and economic growth.

Australia's S&P/ASX 200 rose 0.5 per cent to 8,404.00. South Korea's Kospi jumped 2.2 per cent to 5,526.24.

Global markets have been on a roller coaster ride over worries about the war in Iran, which began in late February, especially nations in Asia, which are severely affected by any lack of access to the Strait of Hormuz, crucial for energy shipments from the Middle East.

In energy trading, benchmark US crude gained USD 2.02 to USD 90.15 a barrel. Brent crude the international standard, added USD 1.41 to USD 101.35 a barrel, reversing course after easing overnight on Wall Street that came after Trump said the United States and Iran held productive talks “regarding a complete and total resolution of our hostilities in the Middle East” over the last two days.

Iranian report claims energy infrastructure damage in strikes

A semiofficial Iranian news agency close to Iran's paramilitary Revolutionary Guard reported early Tuesday that two energy sites had been struck by airstrikes.

The report by the Fars news agency appeared timed to call into question comments by US President Donald Trump, who extended his deadline for Tehran to halt its attacks that have effectively closed the Strait of Hormuz, the narrow mouth of the Persian Gulf. Trump had threatened to strike Iranian power plants.

Fars claimed an attack struck natural gas infrastructure in Isfahan, while another “targeted” a gas pipeline for the Khorramshahr power plant.

Neither Israel nor the US had claimed strikes in the area on Monday, though both countries don't always acknowledge their attacks. It also wasn't immediately clear if those sites had been specifically targeted or damaged in strikes hitting other sites in the area. AP

Israeli jets pound Beirut's southern suburbs

The Israeli military carried out overnight strikes on multiple neighbourhoods in Beirut's southern suburbs on Tuesday, saying it was targeting Hezbollah infrastructure. No injuries were immediately reported.

Low-flying jets were heard over the city as the strikes took place.

The military had earlier renewed evacuation warnings for several neighbourhoods, as tens of thousands of residents had already fled the area.

Large fires and plumes of smoke were seen rising across the southern suburbs following the strikes.

Israeli strikes have so far killed more than 1,000 people in Lebanon and displaced around 1 million others, according to Lebanese authorities.