US and Iran complete ‘very intense’ nuclear talks with no deal – more talks ahead

The latest round of US-Iran talks did not lead to progress, with both sides agreeing to extend talks, Iranian Foreign Minister Seyed Abbas Araghchi said, describing the discussions as “the most intense so far”.

“Much progress has been made in our diplomatic engagement with the United States,” Araghchi said, adding that both sides plan to engage in a more “detailed” manner on critical issues, including ending US sanctions on Iran and “nuclear-related measures.”

The two sides made “significant progress” at high-level talks in Geneva, Switzerland, and agreed to meet next week in Vienna to discuss technical details, said Oman’s Foreign Minister Badr Al Busaidi, the negotiator.

According to MS Now, Al-Busaidi left for Washington on Friday to meet Vice President JD Vance and other US officials. Vance has previously played down the possibility of the US entering a years-long war with Iran, despite intensifying military rhetoric from Tehran and Washington.

Earlier this week, US President Donald Trump said Iran would like to “make a deal” more than the US, but Tehran’s refusal not to develop nuclear weapons remains a key factor holding the deal up.

In his State of the Union address earlier this week, Trump said “they (Iran) want to make a deal, but we haven’t heard those secret words: We will never have a nuclear weapon.”

Tensions continued to rise as the US built up a large military force in the Middle East, with Trump warning last week that “bad things” would happen if Iran did not agree to a deal on the future of its nuclear program.

This week’s third round of talks was led by US special representative Steve Wittkoff and Trump’s son-in-law Jared Kushner, while Araghi led the Iranian delegation.

The Wall Street Journal reported earlier on Friday that the US team had tough demands on the Iranians that they destroy three major nuclear facilities — Fordow, Natanz and Isfahan — and all of their remaining enriched uranium, a demand that US Iranian officials objected to.

The team requested that any nuclear deal be permanent and not have sunset clauses, the paper reported, citing unnamed US officials.

Iran’s nuclear program is at the heart of the talks, with the US pressuring Tehran to curb its ballistic-missile development program. But Tehran has insisted on its right to carry out uranium enrichment in the country, saying it is needed for energy production.

Ahead of recent talks in Switzerland, US Secretary of State Marco Rubio said Iran’s reluctance to discuss intercontinental ballistic missile development was a significant stumbling block.

The Trump administration has urged Tehran to stop supporting regional armed groups and end its crackdown on domestic protesters.

Analysts have warned of the risks of a military clash in the region if the two sides fail to reach any meaningful progress, which could unleash turmoil in the wider Middle East and oil markets.

“In the absence of diplomatic progress in the coming days, the US risks entering a military conflict with significant escalation potential,” said Michael Hanna, director of the International Crisis Group, a Brussels-based think tank.

Hanna pointed out that Washington’s priorities remain unclear, pressing Tehran with an extensive list of demands: “It is unclear whether the administration has a consistent idea of ​​its desired end point.”

Among Tehran’s priorities in the talks is lifting sanctions that have boosted its economy and fueled a currency crisis, sparking widespread protests against the Islamic Republic in December.

The outcome of this week’s indirect talks will be key to the direction of oil prices as traders weigh potential supply concerns if hostilities escalate.

WTI Futures It was down 35 cents, or 0.24%, at $64.97 a barrel on Friday. Brent Crude futures lost 38 cents, or 0.30%, to $70.54 a barrel.

“The market may hold off on a full response until the scale of potential US action against Iran becomes clear,” said Warren Patterson, head of commodities strategy at ING Bank, adding that any “targeted and brief” strikes targeting energy infrastructure – as seen in June last year – could lead to a short-term spike in oil prices with limited retaliation from Iran.

But in the event of prolonged action from Washington, coupled with more aggressive retaliation from Tehran, oil prices could rise on supply risks.

Traders will watch for an OPEC+ decision on oil production in April this weekend.

“If we are to see an escalation between the US and Iran, weak fundamentals should be allowed to feed into lower flat prices – especially if OPEC+ resumes supply from April, which we believe they will agree to this weekend,” Patterson said.