US, Iran Inch Toward Deal as Gaps Remain on Uranium, Sanctions

(Bloomberg) -- The US and Iran are closing in on a deal that would reopen the Strait of Hormuz, senior US officials said Sunday, even as President Donald Trump insisted he would not “rush” into an agreement.

US officials told reporters that nothing is ready to be signed as negotiators work through precise language on key issues, and final approval could still take several days.

Iran’s semi-official Tasnim news agency said the draft deal could still collapse because the US is blocking several clauses, including Tehran’s demand that its assets be unfrozen.

Urged on by several Arab leaders, the US and Iran have been discussing a possible extension of a fragile ceasefire, but the two sides have offered differing descriptions of what an interim deal would include. The countries have floated several proposals in recent weeks without reaching agreement.

“Our relationship with Iran is becoming a much more professional and productive one,” Trump wrote Sunday in a social media post. “They must understand, however, that they cannot develop or procure a Nuclear Weapon or Bomb.” He added that the US blockade of the strait would remain in place until an agreement is completed and that both sides must take their time to “get it right.”  

Crude oil fell to its lowest level in more than two weeks as trading began Monday in Asia and the dollar weakened on expectations that a deal may be near. Global crude benchmark Brent fell as much as 5.4% to $97.97 a barrel. 

Earlier, US Secretary of State Marco Rubio said there may be “some good news” regarding Hormuz in the coming hours, as Iran and Washington press ahead with peace negotiations.

Still, the broad agreement described by US officials does not address Iran’s missile stockpile nor does it contain an explicit ban on uranium enrichment — two of Trump’s most important goals. That could enrage Republican national security hawks who have already railed against the negotiations.

Iranian media and officials have also been more circumspect. Washington and Tehran are still at odds over “one or two provisions,” the semi-official Tasnim news agency reported, citing an “informed source.” The Fars agency, meanwhile, dismissed Trump’s claims on Saturday that a deal has been “largely negotiated” as “far from reality,” without citing anyone. 

Iran’s nuclear program remains a central sticking point, particularly Tehran’s insistence that it is not seeking a nuclear weapon.

“We are ready to assure the world during any talks that we are not seeking nuclear weapons,” the Student News Network on Sunday cited Iranian President Masoud Pezeshkian as saying. He added that Iran is “not seeking unrest in the region.”   

The US plans to lift its blockade as part of the proposed deal, and Iran has agreed in principle to dispose of its highly enriched uranium, a Trump administration official told reporters. The official added that the US does not plan to unfreeze Iranian assets under the current proposal.

Any sanctions relief will depend on how Tehran complies with various provisions of the deal, officials said, adding that the timeline on Iran’s disposal of highly enriched uranium and a moratorium on enrichment will be negotiated later.

US officials said they expect a substantial Iranian commitment to forgo enrichment as part of any final deal, adding that Washington believes it can ultimately negotiate an enforceable mechanism to ensure Iran does not obtain a nuclear weapon while fostering a more productive bilateral relationship.

Iran hasn’t confirmed any of these details and has made clear it intends to preserve its uranium stockpile.

Axios reported the pact would involve a 60-day extension of the existing ceasefire, during which the strait would be reopened and Iran allowed to sell its oil. 

The draft was also said to stipulate that the parallel war between Israel and Iranian-backed Hezbollah in Lebanon would end — a step Israel may be reluctant to endorse. 

Here’s more related to the Iran war:

--With assistance from Eric Martin, Arsalan Shahla, Dan Williams, Se Young Lee, Eltaf Najafizada, Jon Herskovitz and Anand Krishnamoorthy.

(Updates with market movements in paragraph six. Reformats to add final section.)

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