Iranian negotiating delegation departs for the location of the talks with U.S., in Geneva, Switzerland, Feb. 26, 2026.
Iranian International Ministry | WANA | By way of Reuters
The most recent spherical of U.S.-Iran talks didn’t result in a breakthrough, with either side agreeing to increase negotiations, Iranian International Minister Seyed Abbas Araghchi mentioned, describing the discussions because the “most intense thus far.”
“Additional progress has been made in our diplomatic engagement with the US,” mentioned Araghchi, including that either side deliberate to have interaction in a extra “detailed” method on crucial points together with termination of U.S. sanctions on Iran and “nuclear-related steps.”
The 2 sides made “important progress” within the high-stakes talks in Geneva, Switzerland, and agreed to satisfy subsequent week to debate technical particulars in Vienna, in keeping with Oman’s international minister Badr Al Busaidi, the mediator of the talks.
Al-Busaidi is headed to Washington to satisfy with Vice President JD Vance and different U.S. officers on Friday, in keeping with MS Now. Vance has beforehand downplayed the opportunity of the U.S. coming into right into a years-long battle with Iran regardless of intensifying army rhetoric from Tehran and Washington.
Earlier this week, U.S. President Donald Trump mentioned that Iran needs to make a “deal” greater than the U.S. whereas Tehran’s refusal to decide to not creating nuclear weapons stays a key sticking level holding up the settlement.
In his State of the Union handle earlier this week, Trump mentioned that “They [Iran] wish to make a deal, however we’ve not heard these secret phrases: We are going to by no means have a nuclear weapon.”
Tensions continued to run excessive because the U.S. has amassed a big army drive within the Center East with Trump final week warning that “dangerous issues” would occur if Iran doesn’t conform to a deal over the way forward for its nuclear program.
The third spherical of talks this week have been led by U.S. particular envoy Steve Witkoff and Trump’s son-in-law Jared Kushner, whereas Araghchi headed the Iranian delegation.
U.S. President Donald Trump’s Particular Consultant for the Center East Steve Witkoff (C) and U.S. President Trump’s son-in-law and advisor Jared Kushner (L) meet with Omani International Minister Badr bin Hamad Al Busaidi (R), who’s mediating between the events within the third spherical of Iran-U.S. negotiations held in Geneva, Switzerland, on February 26, 2026.
Umman International Ministry | Anadolu | Getty Photos
The Wall Road Journal reported earlier Friday that the U.S. group had powerful calls for for the Iranians, together with that they destroy the three important nuclear websites at Fordow, Natanz and Isfahan, and ship all of its remaining enriched uranium to the U.S. Iranian officers have objected to those calls for.
The group additionally requested any nuclear deal should final without end and never have so-called sundown clauses, the newspaper reported, citing unnamed U.S. officers.
From nuclear program to ballistic missiles
Iran’s nuclear program has been on the crux of the negotiations, with the U.S. pressuring Tehran to curb its ballistic-missile improvement program as properly. However Tehran has insisted on its proper to hold out the enrichment of uranium within the nation, saying it is wanted for vitality manufacturing.
Proper earlier than the newest talks in Switzerland, U.S. Secretary of State Marco Rubio mentioned that Iran’s reluctance to debate its improvement of intercontinental ballistic missiles was a major stumbling block.
The Trump administration has additionally demanded Tehran to cease supporting regional armed teams and stop its repression of home protestors.
Analysts have warned of dangers of a army conflict within the area ought to the 2 sides fail to achieve any significant breakthrough, which might unleash turmoil within the wider Center East and for oil markets.
“Absent a diplomatic breakthrough within the coming days, the U.S. dangers coming into right into a army conflict with important escalatory potential,” mentioned Michael Hanna, director at Worldwide Disaster Group, a Brussels-based assume tank.
Hanna additionally identified that Washington’s priorities stay unclear because it presses a wide-ranging checklist of calls for for Tehran: “It’s unclear if the administration itself has a set concept about its desired finish level.”
Amongst Tehran’s priorities within the talks is the lifting of sanctions which have hobbled its financial system and fueled a forex disaster, sparking widespread protests in opposition to the Islamic Republic in December.
Final result of this week’s oblique talks will probably be key to the course of oil costs as merchants weigh potential provide considerations if hostilities escalate.
WTI futures have been down 35 cents, or 0.24%, on Friday at $64.97 per barrel. Brent crude futures misplaced 38 cents, or 0.30%, to $70.54 per barrel.
“The market could maintain off on a full response till the dimensions of potential U.S. motion in opposition to Iran turns into clearer,” mentioned Warren Patterson, head of commodities technique at ING Financial institution, forecasting that any “focused and transient” strikes that keep away from vitality infrastructure — like these seen in June final yr — with restricted retaliation from Iran could result in a short-lived spike in oil costs.
However within the occasion of longer-term motion from Washington coupled with extra aggressive retaliation from Tehran, oil costs will doubtless keep elevated on provide dangers.
Merchants may even watch the OPEC+ resolution on oil output for April this weekend.
“If we’re to see de-escalation between the U.S. and Iran, it ought to permit weaker fundamentals to feed by to a decrease flat value — significantly if OPEC+ resumes provide will increase from April, which we imagine they may conform to this weekend,” Patterson mentioned.
