Update(1225ET): Crude tumbles on a new Reuters report signaling a return to [dubious?] 'deal in motion' headlines: US and Iran reportedly discuss phased deal to reopen Hormuz and end US blockade, according to Reuters citing sources
This seems just a reiteration of Iranian demands, but crude still reacted (per Rtrs):
- A senior Iranian official said the most plausible way to end the impasse would be a phased arrangement, with Iran allowing navigation through Hormuz in return for the US lifting its economic blockade and Tehran potentially gaining access to frozen assets.
- Neither side wants to surrender leverage driving diplomacy
- Iran signals flexibility on fees, not on Strait of Hormuz
- Gulf states reject Iranian control of the strait
* * *
It was just this month which saw the Iran conflict spill over into a renewed fight between the Saudi coalition and Yemen's Houthi rebels. Now Iran is threatening to expand the fight further, even into the Indian Ocean.
Yahya Rahim Safavi, an adviser to Iran’s Supreme Leader Mojtaba Khamenei, warned Thursday of another significant expanse of the war if the Islamic Republic suffers attack again.
"Since the conflict has spread from the Persian Gulf and Strait of Hormuz to the Red Sea, it is possible that, in response to more war, the front will expand even further, reaching the Indian Ocean and perhaps beyond," said Safavi in a video published by Iran's Fars news agency.
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