(RTTNews) - Oil prices fell sharply on Friday to hit a one-month low and were on track for a sharp monthly loss as signs of easing U.S.-Iran tensions raised hopes of smoother oil flows through the Strait of Hormuz. Brent crude futures fell below $92 a barrel and were down nearly 19 percent so far in May, marking their biggest monthly decline since 2020. WTI crude futures traded below $88 a barrel and were down more than 9 percent so far this week. Media reports suggested that the U.S. and Iran have reached a temporary agreement to extend their ceasefire by 60 days, resume unrestricted shipments through the Strait of Hormuz and begin negotiations over Tehran's nuclear program. According to the tentative agreement, pending final approval from U.S. President Donald Trump, Iran would not be able to impose tolls on ships transiting the Strait of Hormuz, while the U.S. would gradually lift its sea blockade on Iranian ports. Commenting on the final status of an interim deal, U.S. Treasury Secretary Scott Bessent said, "the teams have been going back and forth" and President Trump had set out three "red lines" for negotiations. The three conditions are that Iran must hand over its highly enriched uranium, abandon its nuclear weapons development, and guarantee free passage through the Strait of Hormuz. Bessent stressed that there can be no deal without these conditions and Trump will not sign a deal that is disadvantageous to the United States. Vice President JD Vance cautioned that it remains uncertain whether or when an agreement with Iran could be finalized. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
(RTTNews) - Oil prices fell sharply on Friday to hit a one-month low and were on track for a sharp monthly loss as signs of easing U.S.-Iran tensions raised hopes of smoother oil flows through the Strait of Hormuz. Brent crude futures fell below $92 a barrel and were down nearly …
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International mediators have proposed a 10-day ceasefire between the United States and Iran, according to a senior Iranian official cited in reports. The measure is described as intended to reduce hostilities and allow renewed talks on a prior interim agreement.
Both sides are assessing next steps in the current regional security situation.
Reports indicate that a US-Iran ceasefire has broken down amid renewed fighting, with the potential impact of mediation efforts by Pakistan, Qatar, and Oman remaining unclear. Earlier diplomatic steps included a June memorandum of understanding between the parties for further negotiations and talks hosted in Geneva in February.
The summary also references Europe’s historical role in diplomacy, including the 1814-15 Congress of Vienna.
Donald Trump stated in a Fox News interview that his representatives had spoken with Iranian officials an hour earlier and that those officials wanted to make a deal to end the conflict, though he noted they had broken prior agreements and expressed uncertainty about whether one would be reached.
He added that people do not want to die and that Iran would need to proceed carefully to avoid further losses. The remarks come amid an ongoing US-Iran conflict that has involved casualties and shipping disruptions in the Strait of Hormuz, with some social media users criticizing the repetition of similar statements.
Why the Iran-US ceasefire is falling apart Iran and the US have resumed fighting because they don’t see each other as ‘reliable negotiating partners’, says analyst Ali Vaez. Neither Iran nor the United States seems able to deliver a “knockout blow at an acceptable price” to the other side, and both know “they have no choice other than engaging in diplomacy”, but they’re not ready to make uncomfortable concessions, argues Ali Vaez, director of the Iran Project at International Crisis Group.
Vaez tells host Steve Clemons that Tehran and Washington are trying to “enforce their own interpretation” of the ceasefire agreement they signed last month. President Trump has become “frustrated” with diplomacy because he’s not seeing “the kind of quick results that he likes to see”, Vaez says.