Iran Official Says No Deal Reached With US as Gaps Persist on Uranium Enrichment, Strait of Hormuz

A senior Iranian official said Tehran and Washington have not yet reached a final agreement, though the gap between the two sides has narrowed as talks continue.

Walter Bloomberg reported on May 21 that the official said no deal had been reached, but differences between the two sides had narrowed. The US and Iran have recently continued negotiations on sanctions relief and limits on Iran’s nuclear program.

Iran’s uranium enrichment activities and control of the Strait of Hormuz remain the main sticking points. The US is seeking tighter limits on uranium enrichment and stronger verification by the International Atomic Energy Agency, while Iran is demanding guarantees for what it says is its right to pursue nuclear activity.

Differences also persist over control of the Strait of Hormuz. The waterway is a critical route for global crude shipments, and the outcome of the talks could heighten volatility in oil prices and financial markets.

Markets are watching whether progress in US-Iran talks will affect global oil prices and dollar flows. Still, a final agreement remains uncertain in the near term as disagreements over the key issues continue.