The Brent oil barrel, a reference for the European market, was advancing around 1.6% before the stock exchanges of the Old Continent opened and was positioned above 110 dollars per barrel. The movement occurs in a context of growing distrust regarding the course of diplomatic talks between the United States (US) and Iran to try to end the war. With this new rise, Brent is on track to close the month with an increase of over 10%.
In parallel, West Texas Intermediate (WTI) crude, a reference in the US, was also recording an advance close to 1.6% in the hours leading up to the start of the European session, reaching 99.3 dollars per barrel.
The Iranian Foreign Minister, Abbas Araqchi, has indicated that indirect talks with Washington continue through the mediation of several countries, including Qatar and Pakistan. He has also stated that the United States conveyed to Tehran its approval of the conditions set by Iran for the reopening of the Strait of Hormuz, although "it put its own conditions on the table."
In an interview granted to the Iraqi channel Al Iraqiya, broadcast by the official agency INA, Araqchi explained that Tehran has proposed a seven-day initiative that foresees the reopening of the strait on the sixth day, provided that the United States accepts and respects Iranian requirements.
Although the head of Iranian diplomacy has avoided revealing the content of Washington's demands, he has specified that Tehran's requests focus on security and economic aspects already addressed in previous rounds of contacts.
Among the priorities, he emphasized, is that the United States fully comply with the commitments outlined in the memorandum of understanding from Islamabad. From there, the rest of the pending issues could be addressed with the aim of reaching a global agreement.
As he has emphasized, the proposal aims to keep the dialogue channel open despite the deep distrust towards the United States. He recalled that the three previous rounds of talks ended with attacks against Iran and that, in the third, Washington respected the agreements made with Donald Trump "only for two weeks." "The world must recognize that it is the US side that obstructs the diplomatic process," he stated.
Araqchi has insisted that the Iranian position on the strait "is clear and has not changed": it will not be fully reopened to maritime traffic without a prior understanding with Washington and, in his opinion, "any vessel attempting to cross it will face serious security problems."
The minister has rejected the United States' version that the maritime route remains operational and has indicated that Tehran and Muscat, the capital of Oman, have already agreed on the entry and exit corridors, with a map and defined coordinates, which will be used when the reopening occurs.
This map must be registered with the International Maritime Organization, he added, and the complete opening will still be conditioned on a political agreement between Iran and the United States. He also pointed out that Iran has established specific routes for Iraqi oil tankers in order to mitigate the losses caused to Iraq by the closure of the strait, and he has blamed the economic impact in the region on the attacks by the United States and Israel.
On the military front, Araqchi has warned that "all possibilities remain open," including a new offensive by the United States and Israel against Iran, and he emphasized that his country "is fully prepared." "Iran is as prepared for diplomacy as it is for war," he noted.
In his analysis, Washington has not achieved the objectives it pursued despite the months that have passed since the outbreak of the conflict, something he has described as a "strategic defeat" for the United States.
The tensions between Houthis and Saudi Arabia further pressure the oil market
Regarding the situation in the Red Sea and Yemen, Araqchi has denied that Iran is directly involved in what is happening in the area and has attributed the latest episodes around the Bab el Mandeb strait to the Houthis' (Ansar Allah) attempts to break the Saudi blockade.
He explained that Tehran has offered to mediate between Saudi Arabia and the Yemeni movement without receiving a response from either party, which, in his opinion, demonstrates the decision-making autonomy of the Houthis.
In the same vein, he emphasized that the Lebanese Shiite militia party Hezbollah and the Houthis "are not groups subordinate to Iran" but "friends" whose positions have the backing of Tehran.
The escalation of confrontations between Saudi Arabia and the Houthis has further increased the risks to crude supply in recent weeks, while attacks against ships in the Strait of Hormuz continue, with almost twenty vessels affected in the last two weeks.
Despite this scenario, oil flows from the Middle East have been progressively normalizing to around 80% of the levels prior to the outbreak of the war.