US and Iran Still at Odds Despite Renewed Diplomatic Efforts

6n5t]gfp{b1tigwwtps[rdyr_media_dl_1.png Bloomberg RSS

Article content

(Bloomberg) — A deal to end the Iran war remains elusive after Washington and Tehran rejected fresh proposals as insufficient to secure an agreement.

Article content

The White House said a proposal delivered by Iran through Pakistani mediators on Sunday lacked meaningful improvement, failing to offer detailed commitments on the surrender of the Islamic Republic’s stockpile of highly enriched uranium and the suspension of further enrichment, Axios reported, citing a senior US official and a person briefed on the issue. 

Article content

Article content

Article content

Iran’s semi-official Tasnim news agency said earlier the US had offered to lift sanctions on the sale of Iranian oil until a final deal was reached, as part of a new draft proposal. A US official who refused to be named due to the sensitivity of the matter said the story was false, but didn’t elaborate.

Article content

Article content

According to Tasnim, Iran said Washington’s demands were still excessive and that it would not agree to end the war at the expense of its nuclear program. Tehran has refused to budge on some of its key positions and insisted that its frozen assets be returned and compensation for the war paid.

Article content

The double-sided rejection comes as US President Donald Trump pushes to restore crucial oil exports from the Persian Gulf and threatens to resume strikes on the Islamic Republic if a deal isn’t agreed. He told Iran the “clock is ticking.” 

Article content

Tehran “better get moving, FAST, or there won’t be anything left of them,” Trump said on Truth Social on Sunday, in his most belligerent comments directed at Iran since returning on Friday from a trip to China.

Article content

On his way back from Beijing last week, Trump told reporters he spoke with his Chinese counterpart Xi Jinping about potentially lifting sanctions on Chinese oil companies that buy Iranian crude. About 90% of Iranian oil exports before the war were purchased by China.

Article content

Article content

Brent crude prices swung between gains and losses, as reports offered conflicting insights on negotiations. Futures traded below $106 a barrel after Tasnim reported on a US offer for sanctions relief, before resuming gains when it became clear not enough progress was made. Brent now trades at around $111 a barrel. 

Article content

Hours before Trump’s social media threat, drones targeted a power station at a nuclear plant in the United Arab Emirates, underscoring the fragility of the truce. The country’s defense ministry said the projectile was launched from the west of the UAE, adding that two others were intercepted. 

Article content

Emergency diesel generators were turned on to supply power to the plant’s unit 3, the International Atomic Energy Agency said in a social media post. There was no radiological impact, according to Abu Dhabi’s media office.

Article content

Saudi Arabia said it intercepted and destroyed three drones that entered its airspace on Sunday from Iraq, where many Iran-backed militias are located. It was unclear if those were part of the attack on the UAE.

Article content

“The terrorist attack on the Barakah Nuclear Energy Plant, whether perpetrated by the principal or through one of its proxies, represents a dangerous escalation and a dark chapter that violates all international laws and norms,” Anwar Gargash, a senior foreign-policy adviser to UAE President Sheikh Mohamed bin Zayed, said on X. “This reprehensible escalation reaffirms the nature of the challenges facing the region in confronting the forces of evil, chaos, and sabotage.”