On Friday, President Donald Trump made it clear that Iran's latest diplomatic overture isn't cutting it. Speaking at the White House, Trump said Iran wants a deal but is asking for concessions Washington simply can't give.
"They want to make a deal, but … I'm not satisfied with it," Trump said, describing Iran's leadership as divided and "very disjointed." He added, "They're asking for things that I can't agree to," though he noted that phone negotiations are still ongoing.
Trump has been adamant that he won't let Iran get a nuclear weapon, and he suggested that wrapping things up too quickly could just kick the can down the road—only for the crisis to resurface in a few years.
On the other side, Iranian Foreign Minister Abbas Araqchi said Tehran is still open to negotiations, but only if the U.S. drops what he called excessive threats and provocative policies. He also said Iran's armed forces are ready to defend against any aggression, and reports indicate Tehran has been beefing up its air defenses in anticipation of possible U.S. or Israeli military action.
The whole standoff keeps circling back to Iran's nuclear ambitions and its chokehold on the Strait of Hormuz, a narrow waterway that handles about 20% of the world's oil and gas flows. The U.S. blockade of Iranian crude exports and the resulting shipping disruptions have everyone worried about economic instability, spiking energy prices, and even a global recession.
China has urged both sides to keep the ceasefire intact and reopen the strait quickly.
In the markets, WTI crude oil fell 2.45% to $102.50 per barrel as of 6:14:57 p.m. EDT. RBOB gasoline futures slipped 0.13% to $3.6103 per gallon, while natural gas futures rose 0.80% to $2.789 per MMBtu. ULSD heating oil dropped 2.60% to $3.975 per gallon.
Meanwhile, on Friday, Trump also told congressional leaders that he doesn't need their authorization to keep military operations going past the legal deadline.
