Progress Reported
I take all of this with a bucket of skepticism, but Bloomberg reports Qatar, Bessent Signal Progress on Short-Term US-Iran Deal
The prospect of a deal between the US and Iran appeared to be gaining traction on Tuesday, after Qatar said a proposal had been drafted and American Treasury Secretary Scott Bessent sounded hopeful on an agreement to reopen the Strait of Hormuz.
Oil reversed earlier gains, and US government bonds rallied, on optimism that mediators will be able to broker a deal and avoid major American airstrikes on Iran. Brent crude traded below $82 a barrel, dropping 2.5%.
Both Qatar and Bessent cautioned there’s no solid agreement yet and Iran has not signaled there’s been progress on Hormuz.
“We’re in talks with the Iranians and I think there is a chance we may have a deal today or tomorrow to open the strait,” Bessent said to CNBC on Tuesday. Asked whether there would be a toll on maritime traffic, he added: “I think it would be freedom of movement.”
Bessent’s comments came after the foreign ministry of Qatar, one of the main mediators between Washington and Tehran, said a proposed de-escalation resolution was “being circulated between the parties.”
A Qatari spokesman said he couldn’t provide a timeline for a pact and that the focus is on finding a short-term resolution to avoid a further confrontation.
It’s unclear if Qatar was referring to negotiations between Iran and Oman to get more ships sailing through the Strait of Hormuz.
Tensions have ramped up in recent days, with Trump saying he was giving Iran a final chance to reach a deal. Over the weekend, he held off on attacks — likely along with Israel — he said would have been the largest since World War II.
“I want to give them every last chance before decapitation,” Trump told reporters on Monday. “You’ll find out today or tomorrow. I mean, they’re going to go quickly, one way or the other. It’s not very complex.”
Iran Denies the Strait Will Open
Total Control of the Strait
Rubio Says there Is a Deal
Oman Yet Again
Last Chance
Musical Tribute
Well This Could Be the Last Time
Well I told you once and I told you twice
But you never listen to my advice
You don’t try very hard to please me
With what you know it should be easyWell this could be the last time
This could be the last time
Maybe the last time
I don’t know. Oh no. Oh no
Hopefully the Rolling Stones have clarified things.
Article posted with permission from Mish Shedlock
