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      Iran open to US talks but says seven conditions must be met

      • Oil prices slide 1 percent
      • US President ‘open to a deal’
      • Cargo vessel struck in Hormuz

      Iran has signalled it remains open to talks with the US to end the nearly seven-month-long war and reopen the Strait of Hormuz, but said Washington must first meet seven conditions before negotiations can begin.

      The comments add to diplomatic overtures from both sides towards a negotiated settlement, with mediators Qatar and Pakistan carrying Tehran’s conditions and Washington reiterating that President Donald Trump remains open to a deal.

      Brent crude futures fell nearly 1 percent to $102.1 a barrel by 03:30 GMT, while US West Texas Intermediate crude declined to $91.30 a barrel, also down almost 1 percent.

      Brent and WTI have declined 2 percent and 5 percent, respectively, over the past five trading days, but are up more than 40 percent since the start of the year.

      Iran will not enter negotiations with the US or reopen the Strait of Hormuz until Washington meets its seven conditions, the state-run IRNA news agency reported, quoting Mohsen Rezaei, secretary of the Supreme National Security Council.

      He added that the US will have to take action first to restore the trust of the Iranian people.

      US secretary of state Marco Rubio said on Wednesday there is consensus that the strait needs to be open and free from attack and there is support for the sanctions and economic costs that the US is imposing on Iran.

      Further reading:

      He said a deal with Iran will take hard work over time, with the US engaging and involving mediators as well.

      “The president is open, still to this moment, to making a deal,” Rubio said.

      A cargo vessel was struck by an unknown projectile in the strait on Wednesday, the United Kingdom Maritime Trade Operations Centre said.

      The vessel was on fire and adrift, with all crew evacuated and two casualties reported, it said.

      Most of the Gulf stock exchanges closed higher on Wednesday. Dubai’s main share index rose 0.2 percent, while Abu Dhabi’s benchmark gained 0.4 percent.

      Kuwait and Qatar markets ended higher; however, Bahrain fell.

      The Saudi stock exchange was closed for National Day. Trading will resume today.


      Source: AGBI
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