Key facts
- Pakistan announced that technical talks between the US and Iran will resume next week.
- The US and Iran previously agreed to partially ease economic sanctions, including allowing Iranian crude oil exports.
- The agreement also involves permitting IAEA inspections in Iran and reopening the Strait of Hormuz.
- Iran has disputed agreeing to nuclear facility inspections.
- US Secretary of State Marco Rubio is on a diplomatic tour of Gulf nations to discuss the agreement.
- Global oil prices have fallen below $76 a barrel following the deal.
Pakistan has announced that technical talks between the United States and Iran are scheduled to resume next week, serving as follow-up negotiations on their ceasefire memorandum of understanding (MOU).
Tahir Andrabi, Pakistan's foreign ministry spokesperson, stated in Islamabad that the talks would likely begin on Tuesday, with Monday or Wednesday also being possibilities. The specific location for these discussions was not disclosed.
The US and Iran had previously agreed to partially ease economic sanctions, which includes allowing exports of Iranian crude oil. This concession is in exchange for Iran permitting inspections of its nuclear facilities by the International Atomic Energy Agency (IAEA) and the reopening of the Strait of Hormuz.
However, Iran has maintained that it never agreed to inspections of its nuclear facilities during follow-up talks. President Donald Trump commented on June 23, stating that Iran's claim was incorrect and that future talks would be canceled if it proved true. Regarding the timing of IAEA inspections, Trump indicated that while nothing is set, the inspection team would enter Iran "at the appropriate time."
US Secretary of State Marco Rubio is currently in the Persian Gulf region, engaging with the United Arab Emirates, Kuwait, and Bahrain to discuss the US-Iran agreement. Concerns about Iran's missile program and its support for proxy groups are expected to be raised during these meetings. Iran's President Masoud Pezeshkian stated that Iran's missiles are not part of the agreement with the US.
Following the agreement, global oil prices have seen a decline. Brent crude fell below $76 a barrel, reaching its lowest point since late February, as markets anticipate the normalization of oil tanker traffic through the Strait of Hormuz. West Texas Intermediate (WTI) also dropped to its lowest level since early March. Analysts suggest that if sanctions are eased, Iran could quickly ramp up production and exports, utilizing stored oil on tankers. The Strait of Hormuz, through which approximately 20% of the world's oil passes daily, had seen significant disruption, trapping hundreds of oil tankers. Maritime traffic has reportedly increased following the agreement, which includes allowing commercial traffic through the vital waterway for 60 days without charge.