Iran warns deal with US not yet close, despite some progress

Iran’s foreign ministry spokesman Esmaeil Baqaei stated Monday that while significant progress had been made in negotiations with the US, no deal was imminent despite earlier optimism. Baqaei emphasized that Iran would continue managing maritime traffic through the Strait of Hormuz by charging service fees, clarifying this did not equate to collecting tolls. US Secretary of State Marco Rubio had earlier suggested a deal could be reached within days, noting that discussions on reopening the Strait of Hormuz were close to finalization. However, Rubio also warned that if an agreement was not secured, the US would pursue alternative measures. Iranian officials confirmed that nuclear program talks had been deferred until after an initial accord. The conflict between Iran and the US, which escalated after US and Israeli strikes on February 28, has strained regional stability and driven up energy prices. Crude oil prices fell nearly 5% on Monday amid hopes for a deal, though they remained volatile, with Brent crude at $99.00 and WTI at $92.10 per barrel. Pakistan’s Prime Minister Shehbaz Sharif, leading mediation efforts, met China’s President Xi Jinping in Beijing to discuss the negotiations. Meanwhile, Israel’s Prime Minister Benjamin Netanyahu reiterated that any final agreement must fully eliminate Iran’s nuclear threat. Analysts, including Ali Vaez of the International Crisis Group, noted that Iran’s economy has suffered severely, requiring hundreds of billions in reconstruction funds. Vaez suggested that while both sides may gain partial concessions, the conflict has resulted in devastating consequences that could have been avoided.