Iran will only accept “a fair and comprehensive agreement” in its negotiations with the U.S. on ending the war in the Middle East, its foreign minister said on Wednesday, as President Donald Trump cited “great progress” in the process.
“We will do our best to protect our legitimate rights and interests in the negotiations,” Foreign Minister Abbas Araqchi said in Beijing after a meeting with China’s top diplomat Wang Yi, Iranian media reported. “We only accept a fair and comprehensive agreement.”
He did not directly address Trump’s offer of a pause in the U.S. operation to escort ships through the Strait of Hormuz, offered earlier as an incentive to help reach an agreement between the two sides.
The strait has been virtually shut since the conflict began on February 28 with air attacks on Iran by the U.S. and Israel, blocking about 20% of world oil supplies and igniting a global energy crisis.
“We have mutually agreed that, while the Blockade will remain in full force and effect, Project Freedom … will be paused for a short period of time to see whether or not the Agreement can be finalized and signed,” Trump wrote on social media.
Following Trump’s post, Brent crude oil futures fell 1.2%, to $108.60 a barrel, after dropping 4% in the previous session. U.S. West Texas Intermediate futures eased 1.2% to $101.06 a barrel, after settling down 3.9% the day before.
The White House did not immediately reply to a request for comment on what progress had been made, or how long the pause would last.
U.S. Secretary of State Marco Rubio and other senior administration officials said earlier on Tuesday that Iran could not be allowed to control traffic through the strait.
Iran has effectively sealed off the strait by threatening to deploy mines, drones, missiles and fast-attack craft. The United States has countered by blockading Iranian ports and mounting escorted transits for commercial vessels.
The U.S. military said on Monday it had destroyed several small Iranian boats, as well as cruise missiles and drones.
