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(Bloomberg) — President Donald Trump said Iran agreed to suspend its nuclear program indefinitely, and will not receive any frozen funds from the US.
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Trump said in a phone interview on Friday that a deal to end the war, which the US and Israel began with Iran in late February, is mostly complete. Talks over a lasting agreement will “probably” be held this weekend, the president said.
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“Most of the main points are finalized. It’ll go pretty quickly,” Trump said.
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Iran has yet to comment on any deal beyond the Strait of Hormuz opening, nor on claims made by Trump on Thursday that Tehran had offered concessions — including over the key issue of its nuclear program.
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Oil, fuel and natural gas prices plunged on hopes that the latest developments would mean more energy supplies can finally transit safely through the strait.
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Brent crude traded below $90 a barrel by 12:05 p.m. in New York and wiped out most of its gains since the onset of the war. Diesel prices in the US and Europe, which was hit severely by the war, led the move lower in the energy complex.
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Trump said he hasn’t decided who would lead a US delegation for talks with Iranian officials to sign an agreement. Asked if he would travel to Pakistan, which hosted the last round of negotiations, the president said, “I may.”
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JD Vance led discussions with Iranian officials last weekend, and Trump said he was considering sending the vice president alongside his son-in-law, Jared Kushner, and envoy Steve Witkoff for the talks.
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The president denied that the moratorium on Iran’s nuclear program would expire after 20 years. Asked if the program will completely halt, Trump responded “No years, unlimited.”
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The situation in the vital Hormuz waterway remained uncertain Friday. The Islamic Republic earlier said it would open the strait for the duration of the 10-day ceasefire between Israel and Lebanon.
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Trump hailed that move, but indicated that a US blockade on vessels transiting to and from Iranian ports would remain in place until a broader deal between Washington and Tehran was “100%” agreed.
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Iran said through its semi-official Fars news agency that it will close the strait again if the blockade remains in place. Transiting vessels must coordinate with Iranian forces, semi-official Tasnim added.
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Many traders and analysts remain skeptical that flows can resume meaningfully and quickly as Iran is yet to confirm whether the strait would be open to all traffic beyond the ceasefire.
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About a fifth of the world’s oil and liquefied natural gas flowed through the waterway before the war. Its effective shuttering for the duration of the conflict has stoked a global energy crisis and stoked fears of a worldwide slowdown and rampant inflation.
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The US imposed its own blockade on Monday, while Iran has repeatedly said it wants to maintain control of the strait in the longer term and is working on legislation to charge tolls.
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—With assistance from Justin Sink and Devika Krishna Kumar.
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(Updates with additional detail starting from fifth paragraph.)
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English (US)