Investing.com -- Gulf Arab and European leaders estimate a US-Iran peace agreement will require approximately six months to finalize, and are pushing for the warring parties to extend their current ceasefire to accommodate negotiations, according to a report from Bloomberg News, citing regional officials familiar with the discussions.

Gulf states maintain their assessment that Iran is pursuing nuclear weapons development, a position that has not changed after the US-Israeli bombardment of the country. Officials said these states believe any peace agreement must ban Iran from enriching uranium or possessing long-range ballistic missiles.

Gulf leaders largely oppose renewed fighting and are instead pushing the United States to engage diplomatically with Iran, officials said.

Leaders are demanding the immediate reopening of the Strait of Hormuz to restore energy flows as part of diplomatic efforts. Officials privately warned that a global food crisis could develop if the waterway stays closed beyond next month.

Energy prices are expected to increase further if the conflict continues past the proposed timeline.