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What is the story about?
US President Donald Trump on Sunday, May 24, said he has instructed American negotiators not to rush a nuclear agreement with Iran, signalling a patient approach as elevated oil prices continue to weigh on US consumers and global markets.
In a post on Truth Social, Trump contrasted the ongoing negotiations with the 2015 Iran nuclear accord signed during the administration of former President Barack Obama, describing it as “one of the worst deals ever made by our Country” that, according to him, enabled Tehran’s nuclear ambitions.
“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” Trump wrote. “The Blockade will remain in full force and effect until an agreement is reached, certified, and signed. Both sides must take their time and get it right. There can be no mistakes!”
Trump reiterated that Iran must not be allowed to develop or acquire nuclear weapons, while also pointing to improving ties between Washington and Tehran and the possibility of broader regional cooperation, including an expansion of the Abraham Accords.
Earlier, Trump had said a deal linked to the conflict in West Asia, including the reopening of the Strait of Hormuz, had been “largely negotiated” following discussions with Israel and regional allies over the weekend.
US Secretary of State Marco Rubio, currently on a four-day visit to India, said in a press briefing in New Delhi that “significant progress, although not final progress has been made” in the negotiations.
Financial markets responded positively to signs of easing geopolitical tensions. Wall Street ended higher on Friday as Treasury yields softened, capping a volatile but positive week for US equities.
The Dow Jones Industrial Average rose 294.04 points, or 0.58%, to close at 50,579.70 after touching an intraday record high. The S&P 500 gained 0.37% to settle at 7,473.47, while the Nasdaq Composite advanced 0.19% to finish at 26,343.97.
Oil prices ended modestly higher but retreated from the sharp peaks seen earlier in the week as traders grew hopeful that a resolution to the Iran conflict could be reached soon. International benchmark Brent crude rose 0.9% to settle at $103.54 a barrel, while West Texas Intermediate crude edged up 0.3% to close at $96.60.
Meanwhile, US Treasury yields eased, reflecting improving risk sentiment. The benchmark 10-year Treasury yield fell nearly three basis points to around 4.56%, while the 30-year bond yield declined more than four basis points to trade near 5.06% by Friday afternoon.
—With inputs from agencies
In a post on Truth Social, Trump contrasted the ongoing negotiations with the 2015 Iran nuclear accord signed during the administration of former President Barack Obama, describing it as “one of the worst deals ever made by our Country” that, according to him, enabled Tehran’s nuclear ambitions.
“The negotiations are proceeding in an orderly and constructive manner, and I have informed my representatives not to rush into a deal in that time is on our side,” Trump wrote. “The Blockade will remain in full force and effect until an agreement is reached, certified, and signed. Both sides must take their time and get it right. There can be no mistakes!”
Trump reiterated that Iran must not be allowed to develop or acquire nuclear weapons, while also pointing to improving ties between Washington and Tehran and the possibility of broader regional cooperation, including an expansion of the Abraham Accords.
Earlier, Trump had said a deal linked to the conflict in West Asia, including the reopening of the Strait of Hormuz, had been “largely negotiated” following discussions with Israel and regional allies over the weekend.
US Secretary of State Marco Rubio, currently on a four-day visit to India, said in a press briefing in New Delhi that “significant progress, although not final progress has been made” in the negotiations.
Financial markets responded positively to signs of easing geopolitical tensions. Wall Street ended higher on Friday as Treasury yields softened, capping a volatile but positive week for US equities.
The Dow Jones Industrial Average rose 294.04 points, or 0.58%, to close at 50,579.70 after touching an intraday record high. The S&P 500 gained 0.37% to settle at 7,473.47, while the Nasdaq Composite advanced 0.19% to finish at 26,343.97.
Oil prices ended modestly higher but retreated from the sharp peaks seen earlier in the week as traders grew hopeful that a resolution to the Iran conflict could be reached soon. International benchmark Brent crude rose 0.9% to settle at $103.54 a barrel, while West Texas Intermediate crude edged up 0.3% to close at $96.60.
Meanwhile, US Treasury yields eased, reflecting improving risk sentiment. The benchmark 10-year Treasury yield fell nearly three basis points to around 4.56%, while the 30-year bond yield declined more than four basis points to trade near 5.06% by Friday afternoon.
—With inputs from agencies
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