Key facts
- US and Iranian officials held a three-hour meeting at the UN, mediated by Qatar.
- President Trump described the talks as 'very good' and 'very productive'.
- Iran confirmed the talks but denied dropping preconditions for reopening the Strait of Hormuz.
- Brent crude oil prices fell below $100 a barrel.
- Iranian President Masoud Pezeshkian stated Iran will not surrender to the US but believes in diplomacy.
Oil prices declined to below $100 a barrel for the first time in two weeks following surprise talks between US and Iranian officials in New York, mediated by Qatar. President Donald Trump described the three-hour meeting as 'very good' and 'very productive', suggesting further discussions could occur imminently. However, Iran's foreign ministry confirmed the talks but denied dropping preconditions for reopening the Strait of Hormuz, stating that its conditions were conveyed.
Iran has outlined seven preconditions for reopening the Strait of Hormuz, a critical waterway for oil transport. These include an end to US pressure, cessation of aggressive actions, naval and economic blockades, and the release of Iranian assets. The US side, including envoys Steve Witkoff and Jared Kushner, reportedly found the talks 'encouraging, constructive and successful'.
Trump, in his UN speech, reiterated threats to 'annihilate the Islamic Republic' while also suggesting a potential deal. Iranian President Masoud Pezeshkian addressed the UN, stating Iran will not surrender in a war with the US but believes in diplomacy. During his UN address on Wednesday, Pezeshkian accused the US of starting the war and hitting "our universities, our healthcare centres, our schools", while Tehran “did not hit civilian populations” in its response to the attacks. He also held up photos of victims from a US attack on the Minab primary school. Pezeshkian concluded by telling Trump, “We will never bow our head, or bend the knee.”