Topline
Secretary of State Marco Rubio said on Monday that the U.S. could have some news to announce “maybe today” on a deal with Iran, but reiterated President Donald Trump’s remarks about not being in a hurry, as optimism about a potential peace agreement caused global stocks to soar and oil prices to plummet.
US Secretary of State Marco Rubio speaks to journalists before boarding his plane at Indira Gandhi International Airport in New Delhi.
POOL/AFP via Getty Images
Key Facts
Rubio, who is on a diplomatic trip to India, told reporters in New Delhi that work on the deal was still in progress and he thought they might have had some news last night or “maybe today.”
The secretary of state said he believes there is a “pretty solid thing on the table in terms of their ability to open up the straits” and enter into a “time-limited negotiation” on nuclear matters.
When asked what the holdup was, Rubio said it was just the response, as it takes the Iranian system “a little while longer to get back.”
Rubio claimed the deal has broad support in the Gulf and around the world, but repeated Trump’s comments about not wanting to rush into an agreement or sign a “bad deal.”
The secretary of state said the U.S. will give diplomacy “every chance to succeed” before exploring any “alternatives.”
He then warned that the U.S. would either have a good agreement or “deal with it another way,” but noted that Washington would prefer a “good agreement.”
How Have Markets Reacted?
While U.S. markets are closed for Memorial Day, stocks in Europe and Asia soared on Monday amid optimism about a potential end to the Iran war and reopening of the Strait of Hormuz. Japan’s benchmark Nikkei 225 index soared 2.87%, while South Korea’s KOSPI rose 0.41%, Hong Kong’s Hang Seng climbed 0.86% and India’s BSE Sensex bounced up 1.2%. In Europe, Germany’s DAX Index rose 1.08%, while France’s CAC 40 climbed 1.07%.
How Has The Price Of Oil Been Impacted?
The global oil benchmark Brent Crude Futures fell to $98.60 per barrel on Monday morning, down nearly $5 compared to the end of last week. The U.S. benchmark West Texas Intermediate also fell more than $4.50 cents to $91.95 per barrel. According to Bloomberg, at least one super tanker carrying crude oil from Iraq was able to cross the Strait of Hormuz over the weekend and is now heading towards China. Abu Dhabi’s state owned oil company has also reportedly used its own tankers to slip shipments of oil out of the strait which is blockaded both by Iran and the U.S.
What Have Iranian Officials Said?
When asked about comments made by U.S. officials, including Trump, Iranian Foreign Ministry spokesperson Esmaeil Baqaei told reporters on Monday: “We have far more important matters to deal with, and if we spend our time responding to the other side’s tweets, photos, and media posts, we won’t be able to focus on those priorities.” He added: “Whenever necessary, we will respond. We have our own style and approach, and we are not going to imitate the enemy’s methods.” On Sunday, Iranian President Masoud Pezeshkian on Sunday said his country is “ready to assure the world we do not seek nuclear weapons.”
Further Reading
Trump Blasts ‘Losers’ Criticizing Potential Iran Deal After Republican Uproar (Forbes)
