The story: Saudi Arabia is apparently floating the notion of mediating between Iran and the United States. First reported by CNN, Tehran has dismissed the idea as “speculation”—but that has not stopped the Iranian press from discussing what Saudi intervention could entail, and what Riyadh may gain by brokering talks.

Speaking to Amwaj.media on condition of anonymity, a high-ranking Iranian political source expressed “a positive feeling” about the Kingdom potentially playing a constructive role in enabling engagement with the...