Crude oil prices rose from $104 to $107 per barrel on Monday before easing to $105 as Qatar facilitated fresh Iran-US peace talks between the both nations, aimed at ending the conflict and reopening the Strait of Hormuz.
According to Reuters, the planned diplomatic talks come amid continued disruptions to oil shipments through the strategic waterway, raising concerns about global energy supplies and increasing volatility in crude oil prices.
Reuters reported on Monday that Qatari mediators were expected to hold separate meetings with Iranian Foreign Minister Abbas Araqchi in New York and US representatives on Monday or Tuesday, according to an official briefing on the negotiations.
Upcoming negotiations are expected to focus on a refined version of a seven-day proposal presented by Iran on the sidelines of the UN General Assembly.
According to Iran’s semi-official ISNA news agency, Foreign Minister Abbas Araghchi will confer with mediators in New York to review the latest proposals aimed at resolving the conflict, with discussions structured to evaluate recent initiatives and perspectives regarding current developments.
The seven-day framework proposed by Tehran outlines conditions including the lifting of the US naval blockade on Iranian ports, the easing of sanctions on Iranian oil, the unfreezing of billions of dollars in assets, and a cessation of hostilities between Iran and Lebanon.
Backstory…
Recall that US President Donald Trump on Saturday rejected the initial US-Iran Peace talks proposal, stating that economic pressure was compelling Iran to seek a swift resolution.
However, President Trump indicated a willingness to continue diplomatic engagement, telling Axios on Sunday that he expected US officials to hold further discussions with Iranian representatives this week.
Foreign Minister Abbas Araghchi previously noted that Tehran has not received formal notification from mediators regarding Washington’s rejection, adding that Iran is awaiting the official US position before deciding its next steps.
Meanwhile, Iranian leadership continues to assert that while it remains open to a negotiated settlement, it will not accept terms under pressure or coercion.
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