Iran will only accept a “fair and comprehensive agreement” in its negotiations with the United States, Foreign Minister Abbas Araqchi said on Wednesday, even as President Donald Trump declared “great progress” in talks and announced a temporary halt to American naval escort operations through the Strait of Hormuz.
Araqchi made the remarks in Beijing following a meeting with China’s top diplomat Wang Yi. “We will do our best to protect our legitimate rights and interests in the negotiations,” he said, according to Iranian media. He did not directly address Trump’s offer to pause the US-led escort mission, which Washington had floated as an incentive to advance the negotiations.
Trump announced on social media that the United States had agreed to suspend “Project Freedom” — its escorted transit programme for commercial vessels — for a short period while both sides attempt to finalise and sign an agreement. He said the blockade would remain in force during the pause.
Brent crude futures fell 1.2% to $108.60 a barrel following the announcement, after having dropped 4% the previous session. US West Texas Intermediate eased 1.2% to $101.06 a barrel. The White House did not respond to requests for comment on how much progress had been made or how long the pause would last.
The Strait of Hormuz has been effectively closed since the conflict began on 28 February, when the United States and Israel launched air strikes on Iran. The closure has blocked roughly 20% of global oil supplies and triggered a widespread energy crisis.
Iran has sealed off the strait by threatening to deploy mines, drones, missiles and fast-attack craft. Washington has responded with a naval blockade of Iranian ports and the escorted transit programme for commercial shipping. The US military said on Monday it had destroyed several small Iranian vessels, as well as cruise missiles and drones.
Despite the diplomatic activity, a fragile ceasefire agreed four weeks ago is holding.
CONFLICT’S TOLL
The war has killed thousands and spread beyond Iran to Lebanon and the Gulf, disrupting the global economy. The head of the International Monetary Fund said on Tuesday that even if fighting stopped immediately, it would take three to four months to absorb the economic fallout.
Speaking in the Oval Office, Trump told reporters that Iran’s military had been reduced to firing “peashooters” and that Tehran wanted peace, despite its public posturing. The conflict is also placing pressure on his administration ahead of November’s midterm elections, with rising fuel prices weighing on voters.
Trump has said the US-Israeli strikes aimed to neutralise what he described as imminent threats from Iran, citing its nuclear and ballistic missile programmes and its support for Hamas and Hezbollah.
Iran has rejected the attacks as a violation of its sovereignty and maintains it has the right to develop nuclear technology for peaceful purposes, including uranium enrichment, as a signatory to the Nuclear Non-Proliferation Treaty.
Diplomatic efforts have so far yielded little. US and Iranian officials have held one round of direct talks, but attempts to arrange further meetings have not succeeded.
(Reuters)
