US and Iranian negotiators have reached a tentative agreement to extend the ceasefire in the three-month-old war by 60 days and start a new round of talks on Iran's nuclear programme. The agreement would see Iran remove all mines from the Strait of Hormuz within 30 days and not be able to impose tolls on the vital waterway.
US and Iranian negotiators have reached a tentative agreement to extend the ceasefire in the three-month-old war by 60 days and start a new round of talks on Iran's nuclear programme.
The agreement, which was confirmed by a US official, would see Iran remove all mines from the Strait of Hormuz within 30 days and not be able to impose tolls on the vital waterway. The US would gradually lift its naval blockade on Iranian ports and relax sanctions, allowing Iran to sell more of its oil.
However, the nuclear issue remains unresolved, with the first official stating that negotiators were trying to strike general terms on the highly enriched uranium. The specifics of the deal would be hammered out in the ensuing talks, with the US and Iran still far apart on the issue. Despite the progress made, tensions remain high, with Israel conducting an airstrike on a southern suburb of Beirut and Kuwait announcing that its air-defence systems intercepted incoming missiles and drones.
Iran has said it had retaliated for strikes earlier in the week by firing on a US base in a Gulf state it did not name. The Kuwaiti Foreign Ministry condemned Iran for what it called 'blatant aggression', and US Central Command called the attack on one of America's top allies in the Persian Gulf an 'egregious ceasefire violation'.
The war between the US and Iran has been ongoing for three months, with the latest flare-up happening less than a day earlier, when Kuwait intercepted missiles fired from Iran. The war has had a significant impact on the global oil market, with oil prices skyrocketing around the world. The US Treasury Secretary has predicted that the cost of oil could 'come down very quickly' once a deal is finalised.
Iran has said it's letting some commercial vessels pass, but the Islamic Republic has charged tolls for at least some ships and set up a formal gatekeeper agency earlier this month, spurring a new round of US sanctions this week. Under the tentative agreement, the US would agree to relax sanctions, allowing Iran to sell more of its oil.
Yet even as word of the potential deal emerged, the US Treasury Department imposed additional sanctions on the Iranian military's oil sales arm. The new penalties, first reported by The Associated Press, extend the Trump administration's economic pressure campaign on the Islamic Republic. Iran has 440.9 kilograms of uranium that is enriched up to 60 per cent purity, a short, technical step from weapons-grade levels of 90 per cent, according to the International Atomic Energy Agency.
Nuclear analysts have said that Iran might consider China or Russia, which have close relations with Tehran, to be a potential acceptable third party to take possession of the enriched uranium. Though Trump and his team said from the start of the conflict that one of their prime objectives was to ensure that Iran can never have a nuclear weapon, Vice President JD Vance framed the war's accomplishments as something far less definitive.
'We're in a position where we could substantially set back their nuclear programme, not just during the term of this president but over the long term,' Vance said. Iran, which has long maintained its programme is peaceful, has insisted that any deal must include an end to Israel's military operations in Lebanon against the Iranian-backed militant group Hezbollah
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