Pakistan Says US, Iran Close to Deal Despite Trump Rhetoric

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Or sign-in if you have an account.ej3{c}p){1wp7l[v6xjiaptu_media_dl_1.png ICE(Bloomberg) — Pakistan’s defense minister said the US and Iran are “close to some sort of arrangement” over the Strait of Hormuz, even after both sides appeared to harden their positions in the long-deadlocked negotiation. 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Talks between Iran and Oman about reopening Hormuz to some maritime shipping have reached an advanced stage, Al Jazeera reported earlier, citing a Qatari Foreign Ministry spokesperson.Oil prices erased gains following Asif’s comments, the latest in a long run of conflicting statements about the status of talks over the critical waterway. Pakistan has been mediating during the conflict, alongside Qatar. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe upbeat assessments came after US President Donald Trump toughened his stance, saying on Monday that Tehran should pay reparations for those killed in attacks linked to the Islamic Republic as well as in domestic protests. His comments came in response to a series of demands laid out by Iran over the weekend, including compensation for US violations of a now-lapsed interim peace deal agreed by the sides in June. Iran will almost certainly reject Trump’s latest demands, which the US leader said will be included “firmly into any, and all, future negotiations.” The back and forth appeared to reduce the chance that the warring parties will be able to agree to any immediate pact on the waterway, where around a fifth of the world’s oil and liquefied natural gas flowed before the conflict began on Feb. 28. Brent crude traded slightly lower in early afternoon trade in London, at about $87.50 a barrel. European diesel futures surged more than 10% as refineries in Libya and Russia came under attack, further tightening the market for the fuel considered the workhorse of the global economy. Saudi Arabia extinguished a fire at its Jazan oil refinery early Sunday, the country’s energy ministry said, with Yemen’s Houthi militants claiming an attack on the facility hours later. “The region cannot remain indefinitely in a state of neither war nor peace,” Anwar Gargash, senior diplomatic adviser to the president of the United Arab Emirates, wrote in a post on X. “Its stability and the future of its peoples require clarity in vision and direction.” In a sign of ongoing tensions, the UK navy said it received a report on Tuesday of an incident involving a container ship and military forces in the Gulf of Oman, without providing further details. It was also informed of an incident off Yemen’s Red Sea coast in which a cargo vessel reported being hit by an unknown projectile, resulting in casualties.Vanguard Tech said separately that a Panama-flagged container ship was hit by a missile, and that the strike had left the vessel without a command. It wasn’t clear who was behind the strike, but it occurred near the line of the US blockade.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Trump signaled over the weekend that he was prepared to let economic pressure on Iran build rather than launch fresh military strikes to force a reopening of Hormuz. The Islamic Republic’s economy has taken a hammering from the war, with much of its industrial capacity destroyed and crude exports severely curtailed by a US blockade. Central bank data shows year-on-year inflation recently reached 77%.The currency, meanwhile, has fallen more than 10% from its prewar level, adding to the economic pressure on Iranians. A depreciation of the rial sparked violent nationwide protests that peaked early this year, leading to a crackdown by authorities that left thousands dead. There have been no sign of the anti-government demonstrations resuming.Tehran’s demands for a full reopening of Hormuz include the US lifting its naval blockade on Iranian ports, the release of frozen assets and compensation for war damages. It has also called for a permanent end to attacks on militant groups it backs in Lebanon, Iraq, Yemen and Gaza. Trump said on Monday that Iran should be held responsible for damages stemming from conflicts in these countries.The effective closure of Hormuz is taking a toll on the global economy and trade. The cost of hiring a supertanker to carry oil on the benchmark Middle East-to-China route approached $500,000 per day, more than twice the cost before the war.—With assistance from Alex Longley and Carla Canivete.(Updates with Pakistan comments from first paragraph.)Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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