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In a pact to end the conflict, the US and Iran are at odds over nuclear inspections and frozen assets.

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Pennsylvania/DUBAI (Reuters) – US President Donald Trump said on Tuesday Iran had agreed to nuclear inspections into “infinity” but Tehran insisted it had made no such concession in discussions, raising worries about the viability of their fragile peace pact.

The two countries, who held a first round of talks in Switzerland on Monday, also issued conflicting accounts of financial incentives for Iran, control of the Strait of Hormuz and Israel’s parallel war in Lebanon – all major components of their framework deal signed last week to end the war.

Trump said negotiations with Iran, however, were going “very well.” “We’re doing pretty well,” he remarked at a rally in Pennsylvania.

The United States recently eased travel restrictions on Iran’s World Cup soccer team allowing it to travel from Tijuana, Mexico to Seattle two days before its next match instead of one.

Trump’s poll numbers suffered as evidence of waning domestic support for the war emerged, and the Republican-controlled Senate rejected the president, voting to end the war in a mostly symbolic vote that underscored divisions within his own party.

A Reuters/Ipsos poll indicated 35% of Americans say the US is in a weaker position with Iran now than before the war, while 23% say it is in a stronger position.

The Senate approved a resolution passed by the House of Representatives earlier this month by a vote of 50-48, as anxiety over the unpopular war that started on February 28 increased even among some of Trump’s Republicans.

It was the first time both houses of Congress passed a resolution to direct a president to withdraw US armed forces from hostilities under the War Powers Act, but it was not immediately obvious how the votes would effect the battle.

RESCUE OF SEAFARERS

The first deal between Washington and Tehran has enabled commerce to resume in the strait, which normally carries a fifth of the world’s energy supply, but the prospects for enduring peace are far from assured.

Trump said Wednesday he has asked the Justice Department to probe oil firms for not cutting pump prices to reflect down crude prices.“Gas prices better drop down a whole lot faster than what I’m seeing!” he commented on social media.

Oil prices dropped over 1% on Wednesday, extending losses for the week and trading near their lowest levels since before the war began on February 28.

The UN maritime agency said it was attempting to evacuate 11,000 seamen stuck after Iran closed the crucial waterway.

The deal requires Iran to allow commerce to pass without hindrance for 60 days, though it has stated it may levy tolls or other taxes on cargo after that period.

Iran and Oman, which controls the other side of the strait, said in a joint statement Tuesday they had “sovereign rights” in the waterway and would work together to regulate traffic and associated expenses.

Oman claimed it had worked with the International Maritime Organisation to set up a temporary corridor for vessels wanting to pass through the Strait of Hormuz.

US Secretary of State Marco Rubio, on a tour to Gulf allies alarmed by the peace plan, said any final agreement would not allow Iran to collect tolls in the strait.

The agreement provides for an immediate stop to the war, including in Lebanon, removal of US sanctions on Tehran and the unfreezing of Iranian assets held overseas. It also sets forth a $300 billion fund to invest in reconstruction for the Islamic Republic.

FROZEN ASSETS, CLASH OVER NUCLEAR INSPECTIONS

The framework itself imposed no constraints on Iran’s nuclear program, to be negotiated over 60 days of talks.

Trump said Iran had agreed to provide international inspectors “anytime, anywhere” access to its damaged nuclear installations.”Iran has agreed to the most extensive nuclear inspections ever in perpetuity (Infinity!!!),” Trump said on social media.

Iran denied that it had discussed its nuclear program at the talks and said it had not agreed to allow International Atomic Energy Agency inspectors back into the country.

The two sides also disagreed on the terms of a provision that would allow Iran access to monies that have been frozen in international accounts.

Trump said any unfrozen assets would be used to buy food and medical supplies from the US. Iran’s ambassador to the United Nations in Geneva, Ali Bahreini, said Iran would decide how to spend the money.

Washington has agreed previously to suspend sanctions on Iran for 60 days, allowing Tehran to sell oil and related products and receive payment for them.

Israel’s parallel battle against Iran-backed Hezbollah in Lebanon is still also a sticking point.

The pact calls for Israel to pull its troops out of Lebanon, Bahreini added. Israel, however, says it would keep a security zone in southern Lebanon and act to “neutralize” threats to Israeli soldiers and people.

Israeli gunfire killed two people in southern Lebanon on Tuesday even as Israel and Lebanon held new negotiations in Washington, the country’s civil defence and health ministries said, prompting Iran-backed Hezbollah to accuse Israel of breaking a ceasefire that has mainly held since Sunday.

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This month, Pakistan Railways will restart the Babu Passenger and Sandal Express services.

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Federal Minister for Railways Muhammad Hanif Abbasi ordered restoration of two stopped Pakistan Railways train services saying the decision was taken in view of considerable public demand and in the interest of the railway network.

Pakistan Railways to restore Babu Passenger, Sandal Express services after years of suspension.

The Babu Passenger train traveling between Lahore and Lala Musa will restart its service from August 20 and Sandal Express operating between Multan and Sargodha via Jhang will be resumed from August 21.

Both trains had ceased to operate during the COVID-19 pandemic.

Hanif Abbasi said the decision to reinstate the trains was reached on the continuous demand of the passengers and in the best interest of Pakistan Railways. He stated that more train services would be reintroduced later this year and passenger facilities would also be enhanced in line with the vision of Prime Minister Shehbaz Sharif.

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Pakistan reduces petrol, diesel prices; declares new fuel relief

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The federal government on Saturday announced yet another cut in fuel prices, providing new assistance to customers by reducing costs of petrol and high-speed diesel.

New prices, approved on recommendations of Oil and Gas Regulatory Authority (OGRA), will be effective from August 5 (Wednesday).

A news statement published by the Ministry of Energy (Petroleum Division) said that the ex-depot prices have been reviewed and the current change has been made under the government’s petroleum pricing methodology.

The price of Motor Spirit (MS), usually called fuel, has been cut by Rs3.39 per liter. The latest drop has brought down the ex-depot price of petrol from Rs331.95 per litre to Rs328.56 per litre and brought more comfort to private motorists, commuters and enterprises that rely on petrol-powered vehicles. The cuts follow a similar review when petrol prices were also cut, maintaining a trend in domestic fuel pricing.

The government has also cut the price of HSD by Rs4.07 per litre and the new ex-depot price will be Rs385.86 per litre as compared to Rs389.93 per litre. Diesel is widely used in transport, agriculture and industry and the latest cut could assist to reduce costs for commercial carriers and farmers.

OGRA has calculated the new prices under the federal government’s petroleum pricing mechanism, the Ministry of Energy said.

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Oil steadies after two-day drop as traders examine Hormuz traffic

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Oil steadied on Wednesday following two days of severe declines as investors waited for signs of progress in talks to end the U.S.-Iran dispute and reopen commerce through the blockaded Strait of Hormuz.

Brent crude futures were up 26 cents, or around 0.33%, at $79.62 a barrel by 0110 GMT. U.S. West Texas Intermediate crude was up 0.16%, or 12 cents, to $75.90 a barrel.

Qatar claimed on Tuesday mediators are making headway in efforts to end the war, bringing oil prices lower, though Tehran has dismissed U.S. President Donald Trump’s assertion that discussions are already under way. Brent fell below $80 a barrel for the first time since July 13 on Tuesday.

“The main sticking point appears to be whether Iran will stick to its guns and demand a level of control over the waterway, and whether the US will stand its ground and reject that outcome,” IG analysts wrote in a note.

Brent fell more than 5% on Tuesday, adding to sharp losses after comments from Qatar on Monday raised expectations that an agreement may be struck shortly. Some 20% ‌of ⁠the world’s oil and liquefied natural gas passed through the strait before the war, and prices soared 50% in March alone.

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani and Trump spoke on Tuesday about attempts to reduce divisions between Washington and Tehran and boost the prospects for a durable settlement, the Emiri administration said.

Trump claimed on Monday discussions with Tehran had begun and Iran had a “last chance” to strike a deal. Iranian officials deny that any talks are taking place with the U.S.

U.S. oil and gasoline stockpiles rose and distillate stocks declined last week, market sources reported on Tuesday citing data from the American Petroleum Institute.
Crude inventories rose by roughly 2.7 million barrels in the week ended July 31, sources said on condition of anonymity.

Official figures from the EIA, the statistical arm of the U.S. Department of Energy, are due at 10:30 a.m. ET (1430 GMT) on Wednesday.

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