US-Iran News LIVE: The US and Iran traded messages over the weekend seeking changes to a draft agreement that would extend a ceasefire and open the Strait of Hormuz, but it was unclear whether the sides were making much progress.
President Donald Trump said his proposed deal states clearly “that Iran will not have a Nuclear Weapon,” according to a post on Truth Social.
Trump hadn’t spoken on the subject of Iran since a White House Situation Room meeting Friday in which he said he expected to announce an agreement. In a social media post earlier that day, he reiterated his demands, including that Iran suspend its nuclear program and fully restore the strait to its earlier status as a free, international waterway.
The semi-official Tasnim news agency, which has close ties to the Islamic Revolutionary Guard Corps, said Sunday that both sides continued to propose amendments, but noted that the US and Iran could ultimately reject the changes, causing the deal to collapse.
“Talks and message exchanges are ongoing, and until a definite result is reached, it is not possible to judge,” Iranian Foreign Minister Abbas Araghchi said, according to Tasnim. “Everything being said now is speculation and should not be given importance.”
Oil climbed and the dollar strengthened as concrete signs of a deal remained elusive. Brent crude rose 1.3% to around $93 a barrel after closing at its lowest since mid-April on Friday.
On Saturday, Iranian state TV reported the existence of a new draft agreement, which it said gives the Islamic Republic “exclusive authority to determine the nature of transiting vessels” in the strait, a negotiating point the US is unlikely to accept.
Trump once said Iran and the US could manage its traffic in a joint venture. This week, he said that no one country would control the strait but that the US would “watch over” it.
The draft also said the US has committed to giving Iran access to $12 billion in frozen funds within 60 days, to be sent directly to Iranian banks without restrictions, according to Iranian TV, which added that the document was “unofficial” and not “finalized.”
Iran has repeatedly claimed since the 2015 nuclear deal made with the Obama administration that it was not pursuing a nuclear weapon. And in that deal, Iran agreed to cap uranium enrichment it said was for nuclear power and to ship its stockpile out of the country. When Trump rescinded that deal in his first term, Iran returned to enriching uranium beyond what the Obama deal allowed.
US-Iran News LIVE: Gold slips on stronger dollar, oil
Gold inched lower on Monday, pressured by a stronger dollar and rising oil prices, as investors awaited US President Donald Trump’s decision on a proposed deal to extend the ceasefire with Iran.
— Reuters
US-Iran News LIVE: Oil climbs as peace deal remains elusive
Brent climbed over $93 a barrel as Middle East tensions remained elevated and efforts to reopen the Strait of Hormuz showed little progress. That sent Treasuries lower across the curve.
The dollar, the haven of choice since the US-Israel war on Iran started, was slightly stronger against all its Group-of-10 peers.
“Negotiations between the US and Iran remain an outstanding concern and a source of potential volatility going forward,” said Kyle Rodda, senior analyst at Capital.com. “The risk is the price has been misled by propaganda as the Trump administration sells a looming deal but, to this point, the Iranians remain reticent on the matter.”
— Bloomberg
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