
Iranian media reported that the US proposed a temporary waiver of sanctions on Iran's oil, a key demand for Tehran to agree to a peace deal and reopen the Strait of Hormuz. The US has not confirmed this, but Brent crude prices reversed earlier gains on the news.
(Bloomberg) -- An Iranian media outlet reported that the US proposed a temporary waiver of sanctions on the Islamic Republic’s oil, a key demand by Tehran to agree to a peace deal and reopen the Strait of Hormuz.
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Iranian Media Said US Offered Interim Waiver on Oil Sanctions
The US hasn’t confirmed offering a waiver, which would be in place until a final agreement is achieved, Iran’s semi-official Tasnim news agency reported, citing a source close to the negotiation team.
Brent crude prices reversed earlier gains after the report and bonds rose on hopes of a breakthrough in the all-but-stagnant negotiations. Brent traded around $109 a barrel. Global bonds had traded around levels seen decades ago in response to fears that inflation will force central banks to lift interest rates.
US President Donald Trump earlier expressed frustration with Iran and told it the “clock is ticking,” hours after drones targeted a nuclear power plant in the United Arab Emirates.
Tehran “better get moving, FAST, or there won’t be anything left of them,” Trump said on Truth Social on Sunday. These were his most belligerent comments directed at Iran since returning from a trip to China on Friday and as efforts to progress beyond a fragile ceasefire fail to deliver a breakthrough.
On Sunday, a drone sparked a fire in a power station at the United Arab Emirates’ Barakah nuclear plant, underscoring the fragility of the truce. The country’s defense ministry said the projectile was launched from the west of the UAE, adding that two others were intercepted.
Emergency diesel generators were turned on to supply power to the plant’s unit 3, the International Atomic Energy Agency said in a social media post. There was no radiological impact, according to Abu Dhabi’s media office.
Saudi Arabia said it intercepted and destroyed three drones that entered its airspace on Sunday from Iraq, where many Iran-backed militias are located. It was unclear if those were part of the attack on the UAE.
“The terrorist attack on the Barakah Nuclear Energy Plant, whether perpetrated by the principal or through one of its proxies, represents a dangerous escalation and a dark chapter that violates all international laws and norms,” Anwar Gargash, a senior foreign-policy adviser to UAE President Sheikh Mohamed bin Zayed, said on X. “This reprehensible escalation reaffirms the nature of the challenges facing the region in confronting the forces of evil, chaos, and sabotage.
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