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Oil prices dropped more than 3 percent on Thursday after Donald Trump suggested that his administration was making progress in her indirect talks with Iran to reach an agreement to curb the broad nuclear program of the Islamic Republic.
Pricements for the raw, international standard brand decreased up to 3.7 percent to $ 63.68 after the US president said Washington was in “serious negotiations” with Iran. The pricing was then caught up in about $ 63.98 per barrel.
“We are in very serious negotiations with Iran for long -term peace,” Trump said in Doha, the second match of his tour in the Gulf, according to a pool report by AFP. “Iran has agreed to the conditions. We are approaching to make a deal.”
West Texas Intermediate prices, US Standard, traded 3.2 percent lower to $ 61.11 per barrel.
Trump’s comments came after his envoys Steve Witkoff held a fourth round of talks with Iranian Foreign Minister Abbas Araghchi on Sunday ahead of the President’s trip to the region.
Iran’s Foreign Ministry described negotiations as “difficult but useful”.
Experts say providing an agreement that is acceptable to both parties will be a long and very complex process given the deep levels of distrust between enemies and the degree of Iran’s nuclear progress.
US officials have provided mixed signals for what they would demand from Iran, but in his latest comments Witkoff insisted that the Trump administration wanted the full dismantling of the Tehran nuclear program.
He told Breitbart, a US Rightwing news website, on Friday that Iran would have to dismantle his three main nuclear facilities and warned that if the talks did not progress on Sunday, they would not continue and “we would have to take a different way.”
But that would be a red line for Tehran, which insists that as a signator of the non-spreading treaty, it has the right to enrich uranium within the country.
While Trump has repeatedly said that he wants an agreement with Iran to resolve the crisis, he has also threatened military action if diplomacy fails and re -sanctions on Iran as part of his so -called maximum pressure campaign.
After the last round of talks in Oman, Araghchi said that “there will be no compromise on” Iran’s right to enrich uranium.
He added that there was “the possibility that we would agree with some restrictions on dimensions, amount and level (enrichment) for a period to build trust”.
“But the issue of enrichment is non -negotiable, as is the removal of sanctions,” he said.
