Mian Zahid Hussain, President Pakistan Businessmen and Intellectuals Forum & All Karachi Industrial Alliance, Chairman of the National Business Group Pakistan, Chairman Policy Advisory Board FPCCI, and Former Provincial Minister of Information Technology, has expressed grave concern over the devastating impacts of the ongoing conflict between the United States, Israel, and Iran, which has now entered a critical and highly destructive phase. He highlighted that the war has already resulted in the loss of thousands of lives, with estimates suggesting over 3000 fatalities, including the top civil and military leadership of Iran and significant casualties in Israel following direct missile impacts in Tel Aviv. The destruction of strategic infrastructure, including Iranian air defences and energy facilities, has created a humanitarian and security vacuum that threatens to destabilise the entire Gulf region for decades to come.
The economic repercussions of this confrontation are being felt globally as energy security hangs in the balance. Mian Zahid Hussain noted that following the closure of the Strait of Hormuz on March 4, 2026, the world’s oil supply and significant volumes of Liquefied Natural Gas (LNG) were disrupted. This maritime blockade has sent Brent Crude prices approaching climbing $120 per barrel, marking the most severe energy crisis since the 1970s. For import-reliant nations, especially in Europe and Asia, including Pakistan, the doubling of gas benchmarks and the systemic collapse of trade routes are precipitating a global recession. He warned that if hostilities continue, global GDP growth could shrink by 0.1% to 0.3%, while inflation will continue to erode the purchasing power of the common man worldwide.
Amidst this darkness, Mian Zahid Hussain praised the proactive and visionary diplomacy of the Pakistani leadership. He specifically noted the phone call of Field Marshall Syed Asim Muneer with President Trump last week and lauded Prime Minister Mian Shehbaz Sharif’s offer to host “meaningful and conclusive” peace talks in Islamabad to reach a comprehensive settlement. This offer has gained significant international traction, as evidenced by U.S. President Donald Trump’s recent social media activity, in which he shared a screenshot of the Prime Minister’s post on Truth Social. This gesture by President Trump signals a major diplomatic opening and underscores Pakistan’s unique position as a credible mediator capable of engaging both Washington and Tehran.
Mian Zahid Hussain emphasised that Pakistan’s history of balanced relations and its status as a trustworthy neighbour to Iran make it the ideal venue for de-escalation. He urged the international community to support the proposed Islamabad summit, which may see high-level participation from U.S. and Iranian officials. The potential for a ceasefire is the only way to prevent a total collapse of the global energy market and to safeguard the lives of millions. He concluded by stating that the world cannot afford a prolonged war of attrition and that the path to stability lies in dialogue, not destruction.
