Article content(Bloomberg) — The US and Iran traded messages over the weekend seeking changes to a draft agreement that would extend a ceasefire and open the Strait of Hormuz, but it was unclear whether the sides were making much progress.
Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentAs the diplomatic exchanges continued, Israel expanded its ground assault in Lebanon, shattering a brittle truce with its northern neighbor.
Article contentWe apologize, but this video has failed to load.Try refreshing your browser, or tap here to see other videos from our team.Article contentPresident Donald Trump said his proposed deal states clearly “that Iran will not have a Nuclear Weapon,” according to a post on Truth Social.
Article contentArticle contentTrump hadn’t spoken on the subject of Iran since a White House Situation Room meeting Friday in which he said he expected to announce an agreement. In a social media post earlier that day, he reiterated his demands, including that Iran suspend its nuclear program and fully restore the strait to its earlier status as a free, international waterway.
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Article contentThe semi-official Tasnim news agency, which has close ties to the Islamic Revolutionary Guard Corps, said Sunday that both sides continued to propose amendments, but noted that the US and Iran could ultimately reject the changes, causing the deal to collapse.
Article content“Talks and message exchanges are ongoing, and until a definite result is reached, it is not possible to judge,” Iranian Foreign Minister Abbas Araghchi said, according to Tasnim. “Everything being said now is speculation and should not be given importance.”
Article contentOil climbed and the dollar strengthened as tensions remained elevated in the Middle East. Brent crude rose early Monday to trade around $93 a barrel after closing at its lowest since mid-April on Friday.
Article contentMeanwhile, Israel made its broadest incursion into Lebanon in a quarter-century as Hezbollah — Iran’s most powerful regional ally — stepped up attacks on Israel’s north. The Israeli military said Hezbollah fired more than 300 “projectiles” at its soldiers in Lebanon and at northern Israel over the weekend.
Article contentArticle contentIsrael is not party to the talks between the US and the Islamic Republic and it’s not clear whether it will agree to stop its campaign in Lebanon if the war in Iran is resolved.
Article contentTalking Points
Article contentOn Saturday, Iranian state TV reported the existence of a new draft agreement, which it said gives the Islamic Republic “exclusive authority to determine the nature of transiting vessels” in the strait, a negotiating point the US is unlikely to accept.
Article contentTrump once said Iran and the US could manage its traffic in a joint venture. This week, he said that no one country would control the strait but that the US would “watch over” it.
Article contentThe draft also said the US has committed to giving Iran access to $12 billion in frozen funds within 60 days, to be sent directly to Iranian banks without restrictions, according to Iranian TV, which added that the document was “unofficial” and not “finalized.”
Article contentThe White House did not respond to a request for comment on the report.
Article contentIran has repeatedly claimed since the 2015 nuclear deal made with the Obama administration that it was not pursuing a nuclear weapon. And in that deal, Iran agreed to cap uranium enrichment it said was for nuclear power and to ship its stockpile out of the country. When Trump rescinded that deal in his first term, Iran returned to enriching uranium beyond what the Obama deal allowed.
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