Trump Claims Iran Deal Near as Oil Prices Drop
President Trump said a deal with Iran was nearly done. He called it groundbreaking.
But he also said it is not fully negotiated yet. Trump said the US will not rush into a deal.
Key issues have not been discussed at all. These include Iran's nuclear stockpile and its missiles.
Iran disputed Trump's account. Iran's Fars news agency called his statement incomplete.
A senior Iranian source said Tehran has not agreed to hand over its enriched uranium. Iran also insists the Strait of Hormuz stays under its control.
Oil prices fell more than 4% after Trump spoke. Markets hoped a deal could reopen the Strait of Hormuz.
The strait is a major global oil shipping route. The IEA warned oil markets could enter a red zone by July if the strait stays closed.
Reports say a first-phase agreement is being discussed. Broader talks are expected within 30 to 60 days.
Key Terms 4
- Strait of Hormuz Narrow sea passage; about 20% of world oil passes through it
- enriched uranium Processed nuclear material that can be used to make weapons
- IEA International Energy Agency; tracks global oil and energy supply
- red zone IEA term meaning oil markets face a serious supply shortage