US and Iranian officials held separate talks with mediators on Monday, the latest push to end seven months of war, with Tehran awaiting a US response to its ceasefire proposal and its conditions for reopening the Strait of Hormuz. Brent crude settled near $105 a barrel as an early rally tied to a disputed sanctions-relief report faded.
US and Iranian officials spoke separately with mediators on Monday, officials from both countries said, in a renewed effort to end the war. Further talks are expected to focus on an amended version of the seven-day proposal Iran presented last week on the sidelines of the United Nations General Assembly.
The war began in late February with US and Israeli attacks on Iran, killing thousands of people over seven months and choking vital oil waterways. The US and Iran have twice reached ceasefires before, in April and June, and both unraveled.
Iran awaits a Hormuz response
Iranian Foreign Minister Abbas Araqchi, who stayed in New York after the General Assembly, said Iran expects a US response to its latest ceasefire proposals and its conditions for restoring passage through the Strait of Hormuz, according to state news agency IRNA. Araqchi said Sunday that Iran's Hormuz conditions have not changed. According to Reuters: "Our conditions are clear".
Trump denies sanctions-relief offer
Iran's seven-day plan calls for an end to hostilities in Iran and Lebanon, the unfreezing of billions of dollars in Iranian assets, an end to sanctions on Iranian oil, and the lifting of the US blockade on Iranian ports, after which Iran would allow the strait to reopen. Trump said Saturday he had rejected the proposal, arguing Iran wanted a swift deal because of the economic pressure it is under, though he told Axios he expected US negotiators to hold further talks this week.
Axios reported Monday that Trump was willing to offer Iran sanctions relief and release frozen funds in exchange for progress on the nuclear program, with one US official calling the indirect talks positive and constructive. Trump later denied the report on Truth Social, calling it a hoax. US ambassador to the UN Mike Waltz said Trump rejected the plan because it demanded the immediate lifting of sanctions and the release of frozen assets.
Oil settles near $105 as mediation continues
Brent crude settled around $105 a barrel Monday after an early jump of more than $4 faded, with earlier reports of possible sanctions relief coinciding with softer crude.
Middle East exports have recovered in recent weeks, though flows through the strait remain below pre-conflict levels. Araqchi said Tehran discussed ideas with Qatari mediators to put to Washington. He added that Qatari and Pakistani channels have taken a more serious form since Iran presented its plan. He added that he hopes for the US's final response by Tuesday, relayed through Qatar.
The mediators' next task is narrowing the gaps over sequencing before Iran's Hormuz conditions face their real test.
Sources: Commodities & Futures News, Investinglive RSS Breaking News Feed, Investinglive RSS Breaking News Feed
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