Iran urges US to honour interim deal as tanker attacks stoke oil fears
Iran calls on US to honour June interim deal, promising reciprocity, as tanker attacks near Hormuz stoke oil supply fears.
Iran has called on the United States to return to the commitments of a June interim agreement, saying it would immediately reciprocate if Washington does so. The appeal came amid heightened tensions following a fresh exchange of direct strikes between the two countries.
Iranian President Masoud Pezeshkian made the remarks at a Shanghai Cooperation Organisation summit in Bishkek, Kyrgyzstan. He reiterated that war is in no one's interest and that Tehran remains open to a negotiated solution.
The latest escalation began with a US attack on Iran's Larak Island on Sunday, which Iran answered with missile strikes on two US air bases in Jordan. President Donald Trump has threatened further action, though he also indicated the renewed strikes do not signal a return to full-scale war.
A senior Iranian source described the exchanges as a "limited and contained confrontation" but warned of a harsh response if Iran is attacked again.
Oil prices rose following the attacks and after reports that two supertankers carrying Saudi oil were struck by unknown projectiles while transiting outbound through the Strait of Hormuz. Shipping intelligence firms tracked the incidents late on Monday.
The June Memorandum of Understanding declared an end to fighting but deferred difficult issues, paving the way for a 60-day negotiation period that passed without further agreement. Tehran has said it will allow free navigation through the Strait only if Washington implements the deal's terms.
On the economic front, Iran's central bank governor Abdolnaser Hemmati said the country has sufficient foreign currency reserves and is ready to inject up to $2 billion into the foreign exchange market to calm volatility. The rial plunged to a record low in August, crossing 2 million to the dollar, while annual inflation reached 66% in July.
Washington has increasingly relied on economic pressure, with Treasury Secretary Scott Bessent warning that countries doing business with Iran could face sanctions, with an initial focus on banks.