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AIPROPX ReportCNBC · 23h ago
Iran calls for global pushback against U.S. sanctions, says diplomacy 'isn't impossible
Iran's foreign ministry on Friday called on "all countries" not to implement U.S. sanctions against Tehran, warning that doing so would represent "complicity" in imposing the "illegal will" of the United States.
The comments were laid out in a two-page letter published via Telegram, as the country set its conditions for reopening the strategically vital Strait of Hormuz and touted the prospect of a return to diplomatic negotiations.
The White House announced an "economic D-Day" campaign against Tehran earlier in the week, threatening countries that do business with the Islamic Republic and shifting its focus from military action to economic pressure after six months of war.
U.S. President Donald Trump made clear on Thursday that Washington is not talking with Iran, telling reporters in the Oval Office: "We don't want to speak to them. We're not looking to meet or anything."
Iran's Foreign Minister Seyed Abbas Araghchi, however, said via X on Friday that "putting diplomacy back on track isn't impossible."
Araghchi said that following "creative discussions" with Qatari officials on Thursday to reopen a safe transit route through the strait, the potential for renewed negotiations with Washington "hinges on U.S. understanding of one simple fact: pressure doesn't work."
He added: "The U.S. should build trust, speak respectfully, acknowledge our rights, and uphold commitments."
Oil prices traded slightly lower on Friday as energy market participants continued to closely monitor crude flows through the Strait of Hormuz.
International benchmark Brent crude futures with October delivery dipped 0.1% to $89.63 per barrel, while U.S. West Texas Intermediate futures with October delivery fell 0.5% to $83.11.
In an interview on Thursday, Mohsen Rezaei, secretary of Iran's Supreme National Security Council, told Lebanese media outlet Al Manar TV that any understanding on the Strait of Hormuz with the U.S. will include an end to wars and military operations in Lebanon, Gaza and Syria.
He added that the conflict in the Gaza Strip has to end, while demanding that Israel withdraw from Lebanon and halt attacks on Syria.
Rezaei said that the Strait of Hormuz cannot be separated from the broader regional conflict, adding that the U.S. must "prove its seriousness" in implementing these commitments "before any new trust could be established."
However, a return to diplomacy does not seem imminent. The Wall Street Journal reported on Thursday that the Trump administration has no interest in going back to the terms of the memorandum of understanding it reached with Iran in June .
Citing people familiar with the matter, the Journal said that Trump was no longer interested in the June deal framework, and is instead waiting to see if his administration's strategy of pressuring Iran economically will work.
Iran is now allowing a "temporary and limited" corridor for ships to pass through the Hormuz, and the future of maritime traffic will depend on developments in understandings with Washington, according to Rezaei.
Earlier this week , Oman and Iran discussed a proposal to establish a temporary joint shipping route through the Strait of Hormuz as well as a mission to clear mines from the key oil export corridor.
However, a video posted on X late Thursday stateside by Admiral Brad Cooper, commander of U.S. Central Command credited U.S. forces for clearing the mines from the strait.
Centcom forces have helped facilitate the transit of approximately 1,500 commercial vessels and 750 million barrels of crude oil over the past several months, Cooper said. "Today, international shipping lanes are open, and momentum is building."
However, the latest available Kpler data showed that only five ships crossed Hormuz on Tuesday, a far cry from the approximately 130 ships that used to transit the crucial waterway before the war broke out in February.
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