Iran's Foreign Ministry stated that a deal with the United States is not imminent. This declaration follows remarks by US Secretary of State Marco Rubio who suggested progress. Foreign ministry spokesman Esmail Baqai confirmed that conclusions have been reached on a large portion of discussed issues. However, he stressed that claiming an agreement is imminent would be inaccurate. The reported memorandum of understanding includes a 60-day ceasefire extension. It also covers the reopening of the Strait of Hormuz. The plan also sets out further negotiations over Iran's nuclear program.
President Donald Trump had earlier indicated that the two sides were close to a deal. He later tempered this by instructing negotiators not to rush. US Secretary of State Rubio told reporters in Delhi that news was expected. He cautioned against reading too much into the timing. Rubio noted it takes time to get responses from Iran. US intelligence reportedly believes communications with Iran's envoys are difficult. This is due to the location of Iran's Supreme Leader, Mojtaba Khamenei. He is believed to be in an undisclosed location after an Israeli strike. This has slowed the pace of talks.
The proposed deal is not a final settlement. It leaves complex issues for later negotiation. These include sanctions relief for Iran. The release of frozen Iranian funds is also pending. Washington's demands for Iran to limit its nuclear ambitions remain. The Strait of Hormuz is a critical waterway. Twenty percent of the world's oil and liquefied natural gas passes through it. Iran had effectively blocked this route. Oil prices fell sharply on Monday. Asian stock markets rose due to hopes of an agreement.
The potential deal has divided Republicans in the US. Some criticize it as too lenient. Senator Ted Cruz called it a disastrous mistake. Senator Roger Wicker stated a 60-day ceasefire would negate gains from Operation Epic Fury. Senator Lindsey Graham voiced concerns about Iran being perceived as dominant. President Trump stated he ignores critics he deems ignorant. He promised any deal would be good and proper. He made these comments on Truth Social.
Even with a deal, its effects may not be immediate. Lars Jensen, CEO of Vespucci Maritime, offered insights. He told BBC Radio 4 that supply chains could take months to recover. Shipping industry participants would likely remain cautious. Major operational changes might be delayed. The US and Israel launched strikes on Iran on February 28. This started a conflict across the Middle East. Iran retaliated against Israel and US allies. The blockade of the Strait of Hormuz followed. Oil prices surged globally due to this disruption.
A ceasefire was agreed in early April. The US then imposed a blockade on Iranian ports. President Trump stated this blockade remains active. It will stay until an agreement is reached and signed. Trump reiterated Iran must not develop nuclear weapons. Iran asserts its nuclear program is for peaceful purposes. US media suggests Iran might agree to surrender highly enriched uranium. Iran had approximately 440kg of uranium enriched to 60% purity at the start of the war. This level is close to weapons-grade 90% purity. Iranian President Masoud Pezeshkian stated Iran is ready to assure the world it does not seek nuclear weapons.