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Deadline arrives with U.S., Iran far apart on peace deal

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A 60-day deadline for the United States and Iran to reach a permanent peace agreement expires Monday with the two sides seemingly no closer to ending the war — and much of their June interim agreement already in tatters.

The Memorandum of Understanding signed by President Donald Trump at Versailles called for an end to military operations and gave the countries 60 days to negotiate a permanent settlement, including an agreement over Iran’s nuclear program.

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Instead, negotiations have centered largely on the Strait of Hormuz and the U.S. blockade of Iran. Detailed nuclear negotiations apparently have yet to begin.

The June agreement called for reopening the Strait of Hormuz, a critical shipping route that carried about one-fifth of the world’s traded oil and gas before the war. But language giving Iran a role in facilitating shipping traffic has become a major point of contention, with Tehran claiming authority over the waterway and suggesting it could charge ships for passage.

The interim agreement began unraveling within weeks. Iran fired on vessels using a U.S.-overseen route along Oman’s coast, prompting renewed American strikes. Iran retaliated against countries hosting U.S. forces, including Jordan, Kuwait and Bahrain.

Trump subsequently restored the blockade of Iranian ports and canceled waivers that had allowed Iran to sell oil internationally. Each side has accused the other of violating the agreement.

Large-scale fighting has since subsided, but Iran and the United States remain far apart.

Iran has demanded an end to the blockade, withdrawal of U.S. forces from around the country and reparations for war damage. Trump has rejected those demands and maintains that the United States, not Iran, controls the Strait of Hormuz.

Pakistan, which helped broker the June agreement, has expressed hope that Monday’s deadline can be extended and negotiations revived.

Meanwhile, traffic through the Strait of Hormuz remains a fraction of prewar levels, contributing to higher fuel and goods prices worldwide. Iran-backed Houthi attacks on Saudi oil tankers in the Red Sea have added another threat to global shipping.

Source: CNBC

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