Iran just slipped a new peace proposal into Pakistan's hands, and the oil market noticed. Iran's state news agency says Tehran sent fresh terms for talks with the US to intermediaries in Pakistan, reports Reuters. No details were made available, but the very hint of progress in negotiations pleased markets. The price of international benchmark Brent crude dipped about 3% to $107 a barrel, and US crude oil futures fell 5% to $100, per CNBC. Major stocks indexes were all in positive territory on Friday afternoon.
Iran's move comes after President Trump said this week he was dissatisfied with Iran's previous offer to open the Strait of Hormuz but to delay talks on its nuclear program. Another report said the Pentagon was reportedly drawing up new bombing targets should no breakthrough happen. Iranian commanders are threatening "long and painful" strikes on US positions if attacked and warning that US warships could be targeted. The Wall Street Journal, however, reports that despite the rhetoric, the US blockade of Iranian ports is putting a genuine squeeze on Iran.
The blockade, the story reports, has "shut down Iran's network of shadow ships, which for years defied US sanctions on Iran's substantial oil exports by going dark at sea before clandestinely transferring their cargoes to China." But these shadow vessels have been unable to get through the US line of warships, and alternate routes over land likely won't be enough to ease the financial strain. The pressure appears to be worsening the rift between hardliners and more diplomacy-minded leaders in Tehran, according to the story.
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