(CNN)--Pakistani Foreign Minister Mohammad Ishaq Dar and his Saudi counterpart Prince Faisal bin Farhan Al Saud expressed their 'grave concern' over the latest escalation between Tehran and Washington on Saturday, according to Islamabad.

Pakistan has emerged as a key mediator in the conflict in recent months in the Middle East war, with the 'Islamabad Memorandum of Understanding' between the United States and Iran named after it in recognition of its role.

The Pakistani Foreign Ministry said in a statement on X that the two ministers exchanged views on the latest developments in the region and expressed their grave concern over the escalation despite the signing of the memorandum of understanding last June.

The ministry added that the two ministers agreed to stay in touch, stressing that renewed conflict 'serves no one's interests and undermines efforts to achieve regional peace and stability.'