US President Donald Trump has expressed his disinterest in engaging with Iran, stating that the memorandum of understanding signed between the two countries to end the conflict was 'over'. The interim ceasefire agreement, mediated by Pakistan, aimed to provide a 60-day window for negotiations on a permanent agreement. However, indirect talks in Qatar ended last week with no sign of headway.
US President Donald Trump has expressed his disinterest in engaging with Iran, stating that the memorandum of understanding signed between the two countries to end the conflict was 'over'.
The interim ceasefire agreement, mediated by Pakistan, aimed to provide a 60-day window for negotiations on a permanent agreement. However, indirect talks in Qatar ended last week with no sign of headway. Trump's comments came after the US unleashed new military strikes on Iran and revoked a licence allowing Iran to sell oil.
The US Central Command said that over 60 small boats of the Iran's Islamic Revolutionary Guards Corp were among the targets hit, in a bid to impose a high cost on Iran for strikes on shipping in violation of the ceasefire. Iran's top joint military command condemned the US strikes as a 'blatant act of aggression', threatened a 'crushing response', and warned that Tehran would not allow US interference in the management of the strait.
Trump added that US representatives can continue negotiations but cast doubt on the outcome, stating that he thinks they're 'wasting their time'. The latest developments have thrown the future of the 60-day negotiation process into doubt, with international benchmark Brent North Sea crude jumping 5.3 per cent to US$78.09 a barrel, and the main US contract, West Texas Intermediate, advancing 5.4 per cent to US$74.23 a barrel.
Analysts believe that a price closer to US$80 a barrel is more consistent with current market fundamentals than US$70
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