Breaking: Iran won't negotiate with the US until Trump's term is done

In a major setback to efforts to reopen the Strait of Hormuz and cool Middle East tensions, Iran ruled out any future negotiations with United States (US) President Donald Trump. Iranian outlets and a X post by y an adviser to Parliament Speaker Mohammad Bagher Ghalibaf. Headlines note that Tehran will wait until the US President’s term ends on January 20, 2029, to resume talks.

"Trump will not reach an agreement with us. We will accompany him until his term ends," Majid Shakeri, adviser to Ghalibaf, said

Oil risk premium underpinned as Hormuz deal stays out of reach

According to TD Securities, a prospective agreement on the Strait of Hormuz remains out of reach, with the bank noting that a "Hormuz deal remains elusive." Strategists highlight that the risk backdrop is being reinforced as "the Houthis' continued strikes on Saudi energy infrastructure, flows via Hormuz and Bab el-Mandeb remain critically choked, and Russian exports and refining remain subdued amid continued Ukrainian attacks," all of which continue to underpin the geopolitical risk premium in Oil.