AGENCIES

Iran is reviewing a proposed agreement with the United States to halt the war between the two countries, Iran’s Mehr news reported yesterday, after US President Donald Trump said talks to reach a deal were continuing.

More than three months after the US and Israel launched strikes against Iran, the conflict has hardened into a stalemate while largely indirect talks to negotiate an interim deal have proved inconclusive, leaving the Strait of Hormuz largely shut.

Iran has not yet responded to a proposed final text of the temporary deal, and was taking a “stern” approach given what it sees as a history of US non-compliance and longstanding mistrust, Mehr cited a source as saying.

Trump told ABC News on Monday that he thinks he will have an agreement with Iran to extend the ceasefire and reopen the Strait of Hormuz “over the next week”.

Oil prices fell more than one percent yesterday, paring the previous day’s sharp gains, though a senior International Energy Agency official warned that global oil inventories could hit historically low levels.

Iran is pushing for a limited interim agreement as it tries to ease mounting economic pressure while avoiding major concessions on its nuclear programme, according to Iranian sources.

As part of any deal, Tehran is seeking an end to hostilities across all fronts, including Lebanon, access to billions of dollars in oil revenues, waivers on crude exports, a lifting of a US blockade on its ports, and continued leverage over the Strait of Hormuz.

Trump is under pressure to reopen the strait and curb US fuel prices while not making concessions to Iran.

US Secretary of State Marco Rubio told lawmakers yesterday that Iran had agreed to negotiate aspects of its nuclear programme that it previously refused to discuss. But he said that was not a guarantee that talks will lead to a deal to end the US-Israeli war on Iran.

Meanwhile, Iran’s Revolutionary Guards has said that 24 vessels had transited the strait in the past 24 hours after obtaining permission from the Guards’ navy.

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