US, Iran to Hold Talks Next Week After Progress in Geneva
(Bloomberg) — The US and Iran will continue nuclear talks next week after making “significant progress” in Switzerland, mediator Oman said, easing concerns about the potential for imminent military action by Washington.
Negotiations will resume at a technical level in Vienna after an initial consultation period, Oman’s Foreign Minister Badr Albusaidi said Thursday in a post on X. Oil pared gains as the threat of a new Middle East war faded.
With days to go until President Donald Trump’s deadline to reach an agreement, the two countries started their third round of Omani-mediated discussions in Geneva on Thursday morning. Trump has threatened military action against Iran unless its leaders agree to an accord, sparking fears of a conflict embroiling Gulf Arab oil producers and Israel.
The US team was led by Middle East envoy Steve Witkoff and Trump’s son-in-law Jared Kushner. Iran Foreign Minister Abbas Araghchi is heading the talks for the Islamic Republic.
Iranian state media said parts of the talks were conducted directly, suggesting the lead delegates met instead of dealing only via Omani officials. Iran stated it won’t allow any of its highly enriched uranium to be moved out the country, Press TV said, citing Esmail Baghaei, a spokesman for Iran’s Ministry of Foreign Affairs.
US officials are yet to comment publicly, though have previously signaled Iran would have to send such stocks of uranium to another nation or dilute them.
The Wall Street Journal reported that the US team had tough demands for the Iranians, including that they destroy three main nuclear sites — at Fordow, Natanz and Isfahan. The team also said any nuclear deal must last forever and not have so-called sunset clauses, the newspaper reported, citing unnamed US officials.
The US and Iran have been locked in a tense standoff over the Islamic Republic’s atomic activities and have traded threats as Trump ordered a substantial military build-up in the Middle East, sending two carrier strike groups to the region as a warning to Iran. Trump had given the Islamic Republic a deadline of March 1-6 to reach a deal.
Global markets are watching closely, with any prolonged conflict in the energy-rich Persian Gulf likely to elevate oil prices and stoke inflation. Benchmark Brent rose roughly 1.8% to over $72 a barrel as of 6:10 p.m. in London before paring gains. It’s up more than 18% this year, largely because of the US-Iran standoff.
Energy traders are focused on signs of disruption to shipments through the Strait of Hormuz, the narrow waterway off Iran’s southern coast that connects key oil producers in the region to world markets. Iran has threatened to retaliate forcefully against any US attack.
Saudi Arabia and Iran have both accelerated exports of crude in recent weeks as tensions have soared.
The US’s vast military build-up in the region, the biggest since the 2003 invasion of Iraq, is set get a boost in coming days when a second aircraft carrier arrives that could join in any potential attack or help defend against Iranian counter-strikes. A member of Israeli Prime Minister Benjamin Netanyahu’s security cabinet, Avi Dichter, on Thursday confirmed media reports that the US had stationed F-22 fighter jets as well as refueling planes in Israel. It’s rare for Israel to host other countries’ aircraft.
US demands for a deal have varied, with Trump repeating that he won’t allow Tehran to obtain a nuclear weapon despite its public position – long met with skepticism in the west – that it isn’t seeking one. Washington has also expressed frustration at Iran’s refusal to discuss its ballistic missile program.
What We Know About Iran’s Nuclear Program: QuickTake
Tehran’s priority in the talks is the lifting of sanctions that have hobbled its economy, fueling a currency crisis that sparked widespread street protests against the Islamic Republic in December.
–With assistance from Dana Khraiche.
(Updates with fresh comment from first paragraph.)
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