Iran's foreign minister Abbas Araghchi says Tehran is ready for a "doomsday" war with the United States but is keeping diplomacy open. President Donald Trump has rejected Iran's latest proposal to reopen the Strait of Hormuz and reportedly expects to resume bombing Tehran after the U.S. midterm elections, while Iran's Revolutionary Guard says it captured an American underwater drone.
Iranian Foreign Minister Abbas Araghchi said Sunday that his country is ready for a "doomsday" war with the U.S., but that he is keeping diplomacy on the table so as not to miss any chance for peace. He made the comments on NBC News' "Meet the Press" following last week's United Nations General Assembly.
The U.S. and Iran have been locked in an on-again, off-again war since Feb. 28, a conflict that has caused a global oil shock and fanned the flames of inflation. Araghchi said: "We are ready to negotiate as much as we are ready to face any challenge."
Trump rejects reopening plan
Araghchi had proposed reopening the Strait of Hormuz and resuming nuclear talks within seven days if the Trump administration accepted Tehran's conditions. Trump rejected the proposal, and the Wall Street Journal reported that he told aides he expects to resume bombing Tehran after the U.S. midterm elections in November.
U.S. Ambassador to the United Nations Michael Waltz said Iran's latest offer was a cynical attempt to put forward something Tehran knew was unacceptable. Iran maintains it will only reopen the strait if its conditions — halting U.S. "acts of aggression," ending the naval blockade and economic warfare, and releasing Iranian assets — are met.
Oil swings on diplomacy hopes
West Texas Intermediate dropped 2.3% to close at $92.41 a barrel, while Brent crude declined 2.1% to settle at $104.32 as Tehran and Washington held talks on the sidelines of the U.N. General Assembly. U.S. crude finished the week 7.9% lower while Brent was flat.
Even so, WTI is up nearly 61% year to date, while Brent is more than 71% higher over the same period.
IRGC says it captured a U.S. drone
Iran's Islamic Revolutionary Guard Corps navy claimed Sunday it had captured a U.S. Remus 600 unmanned underwater vehicle in the Strait of Hormuz and handed it to specialists for data recovery. The IRGC said the strait remains closed to unauthorized traffic. U.S. Central Command did not immediately respond to a request for comment.
Iran's army commander-in-chief, Amir Hatami, said the war is not over and that Iranian forces must consolidate their gains while staying ready to strike back against further aggression.
Source: CNBC
Trading involves risk.
Risk Disclaimer
