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U.S.-Iran deal unraveling raises oil-market uncertainty near November
OilPrice.com notes attention is shifting to November, when U.S. midterm elections begin, as negotiations approach the final stretch.
OilPrice.com reports the U.S.-Iran memorandum of understanding tied to a 60-day negotiating period is effectively breaking down, with both sides accusing the other of violating the terms.
According to OilPrice.com, CENTCOM and President Donald Trump said Iran violated the MOU by firing on commercial vessels in the Strait of Hormuz, enforcing pre-approved shipping routes, and threatening to collect transit tolls.
In response, the U.S. military restarted and expanded a series of consecutive nightly airstrikes against Iran, which OilPrice.com says also breaches the same agreement. Tehran then stated the MOU was voided, and Iran’s top negotiator Mohammed Ghalibaf said Iran was in an “essential and existential war with America.”
With less than 30 days remaining in the 60-day negotiation window, OilPrice.com highlights that a key timing focus is the third of November, when U.S. congressional elections begin. The outlet adds that a senior Washington-based source linked to the U.S. Treasury said the elections, not the 60-day negotiating deadline, may shape how the situation develops.