live Oil prices fall as Iran vows retaliation over U.S. sanctions
Oil prices fell after the U.S. expanded economic sanctions on Iran, as Tehran vowed to retaliate and warned it had tools to respond, raising concer...
Iran's Foreign Ministry spokesperson, Esmaeil Baghaei, has stated that Tehran will soon present a nuclear proposal to the United States. This announcement follows the recent delivery of a U.S. proposal to Iran via Omani mediation.
Diplomatic exchanges between Iran and the U.S. have continued, with indirect talks facilitated by Oman. The U.S. proposal was conveyed on Saturday by Omani Foreign Minister Sayyid Badr bin Hamad bin Hamood Albusaidi.
Baghaei, during a press conference in Tehran, indicated that Iran's forthcoming proposal would be formulated based on "principles, national interests, and the rights of the Iranian people."
Statements from Iranian officials have identified two primary areas of focus. Iranian officials have consistently cited the necessity of verifiable sanctions relief. Baghaei stated that the U.S. proposal lacked clarity regarding the "how and through what mechanism" sanctions would be removed, and that Iran seeks tangible economic effects. Iranian Parliament Speaker Mohammad Bagher Ghalibaf commented that the U.S. offer did not address sanctions relief. Additionally, Iran has maintained its position on uranium enrichment for peaceful purposes. Reports have indicated that the U.S. proposal included a demand for a cessation of enrichment. Iranian Supreme Leader Ayatollah Ali Khamenei has publicly rejected the U.S. proposal on this matter, stating that without enrichment, Iran's nuclear program would be "useless."
While specifics of Iran's upcoming proposal have not been released, Iranian diplomatic sources have reportedly suggested that a response is being drafted.
The U.S. Special Envoy to the Middle East, Steve Witkoff, reportedly delivered a proposal that would permit Iran to maintain low-level uranium enrichment for civilian purposes under international oversight, contingent on a halt to higher-level enrichment and new centrifuge development. U.S. President Donald Trump has stated he would not allow "any enrichment of uranium."
Both parties have indicated a commitment to continued diplomatic engagement. Five rounds of indirect talks have been held in Oman and Italy since April, with a sixth round anticipated.
The presentation of Iran's proposal represents another step in the ongoing nuclear discussions between the two nations.
Iran on Saturday denounced U.S. plans to announce new sanctions that could put further strain on the Islamic Republic's economy and have an impact on its most important trading partners including China.
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