Negotiations between the United States and Iran are at a critical point as the ultimatum issued last week by Donald Trump is set to expire this Friday. Trump had given Iran “48 hours” last Saturday to reopen the Strait of Hormuz, a crucial passage for oil trade, or face massive strikes on the country’s power plants.
On Monday, he extended the deadline to five days to allow for further dialogue. The same day, Trump mentioned “very good” discussions with an unidentified “high-ranking person” in Iran. On Thursday, he claimed that Iran had allowed the passage of ten oil tankers through the Strait of Hormuz as a “gift.”
According to the New York Times and Al Jazeera, Trump has presented a 15-point plan with the primary goal of preventing Iran from obtaining nuclear weapons. The details of this proposal, communicated via Pakistan, remain undisclosed.
If Iran agrees to the conditions and reopens the strategic Strait of Hormuz for navigation, Trump is willing to lift all sanctions that are currently crippling the Iranian economy. The Director of the International Atomic Energy Agency (IAEA) mentioned a possible meeting in Islamabad over the weekend.
Iran, on its part, has made five demands to end hostilities, including stopping aggression, ensuring no war restarts with Israel or the US, financial compensation, clear responsibility definitions, and a halt to hostilities on all fronts.
Trump has indicated that military operations in Iran are ahead of schedule and could conclude soon. His special envoy, Steve Witkoff, sees strong signals for a possible agreement with Iran. Vice President JD Vance stated that the US is prepared to use all available tools, including diplomatic and military options, to prevent Iran from acquiring nuclear weapons, mentioning the option of controlling Iranian oil as a possibility.
The rise in oil prices on Thursday reflects the escalating tensions, with Iran refusing talks and hinting at opening a new front in the crucial Bab el-Mandeb strait. The price of Brent crude oil rose by 5% to $108.36 a barrel, while West Texas Intermediate gained 4.11% to $94.91 a barrel for delivery in May.
