Over the past weekend, the Middle East situation remained volatile, with the prospects for US-Iran negotiations uncertain. Iranian authorities presented conditions for a ceasefire, while US President Donald Trump stated that the conflict with Iran would conclude shortly. These multiple factors collectively drove oil prices higher. During early Asian trading on Monday, both US WTI crude and Brent crude rose by over 2%. Meanwhile, the gold, silver, and precious metals markets experienced a short-term decline.
As of the latest update, Brent crude was trading at $101.37 per barrel, while WTI crude was priced at $96.42 per barrel.
Iran's Foreign Minister presented ceasefire conditions to Pakistan. On April 26 local time, following a one-day visit to Oman, Iranian Foreign Minister Araghchi arrived in Islamabad, Pakistan. According to Iran's Foreign Ministry, Araghchi was scheduled for a brief stop in Islamabad before continuing his journey to Russia. During his short stay in Pakistan, Araghchi engaged in discussions with Pakistani officials regarding the latest regional and international developments.
Apart from dialogues on bilateral relations, a key agenda of Foreign Minister Araghchi's visit was to convey Iran's terms for ending the war to Pakistan, which is acting as a mediating country. The issues raised by Araghchi included establishing a new legal framework for the Strait of Hormuz, seeking compensation, ensuring that parties provoking conflict refrain from further military aggression, and lifting maritime blockades. These negotiations are unrelated to nuclear issues.
US President Donald Trump stated that the conflict with Iran "will end soon" and affirmed that the United States "will achieve victory." On April 26 local time, Trump indicated that if Iran wishes to negotiate an end to the war between the two nations, it should initiate contact with the United States. Trump remarked, "If they want to talk, they can come to us or call us. We have very good, secure lines of communication."
Regarding nuclear matters, Trump mentioned that the US would address the issue of Iran's nuclear materials in negotiations, identifying it as one of the key topics. He also expressed hope that Iran would "make a wise choice."
A senior Iranian official declared that vessels passing through the Strait of Hormuz must pay fees. On April 26 local time, Aziz, Chairman of the Iranian Parliament's National Security and Foreign Policy Committee, stated in an interview that all ships wishing to transit the Strait of Hormuz are required to pay tolls. He further emphasized that the Strait of Hormuz has become a crucial pillar of Iran's strategic strength.
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