Iranian Foreign Minister Abbas Araghchi travelled to Pakistan again - for the second time in a short period - carrying a workable framework for negotiations. Pakistani mediators received Iran's demands and reservations regarding American proposals. Then: Trump cancelled the sending of two American representatives.

The diplomatic dance is transparent: Iran sends signals through Pakistan, Trump publicly rejects them, and then an improved proposal arrives - just minutes after the American team was cancelled. Who is bluffing and who actually wants a deal? Both sides.

The backdrop matters more: the Hormuz blockade is costing Iranian citizens, but also global energy markets. The Iranian regime knows it can hold out for a few months - not indefinitely. Trump knows that a victory in Iran without a ground invasion requires a diplomatic off-ramp. Both sides need a deal - neither wants to be seen as the one who blinked first.

Araghchi in Islamabad, American team cancelled - a few weeks ago that sounded catastrophic. Today it looks like just another round in negotiations that publicly appear dead, and privately - continue.