Rubio Says More Time Needed for Iran Talks, Demands Full Reopening of Strait of Hormuz
Summary
- Rubio said more time is needed for negotiations between the U.S. and Iran, with differences still remaining over a draft agreement on extending the ceasefire and reopening the Strait of Hormuz.
- He said the U.S. is demanding the full reopening of the Strait of Hormuz and free passage without transit fees, adding that President Trump would not accept a bad deal.
- Markets are assessing whether the outcome of the U.S.-Iran talks could affect global financial-market volatility, including international oil prices, dollar flows and the energy market.
Forecast Trend Report by Period
U.S. Secretary of State Marco Rubio said more time is needed for negotiations between Washington and Tehran, as markets watch whether a ceasefire will be extended and shipping through the Strait of Hormuz can return to normal.
Rubio said on May 26 that further talks are needed because differences remain over the wording of a draft agreement on extending the ceasefire and reopening the Strait of Hormuz, Walter Bloomberg reported.
The U.S. is demanding the strait be fully reopened and that ships be allowed free passage without transit fees. President Donald Trump will not accept a "bad deal," Rubio said.
The U.S. and Iran have recently continued talks covering a ceasefire extension, sanctions relief and limits on Iran's nuclear program. Key disagreements remain over uranium enrichment caps, the scope of sanctions relief and control of the waterway.
Markets are assessing whether the outcome of the U.S.-Iran talks could drive volatility across global financial markets, including oil prices and the dollar.
The Strait of Hormuz is a vital route for global crude shipments, making progress in the talks a key variable for energy markets.
JH Kim
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