The latest round of discussions between Washington and Tehran over Iran’s nuclear activities has ended without a final agreement, as both governments remain far apart on how to handle Tehran’s stockpile of enriched uranium and the timeline for lifting economic restrictions.
According to people familiar with the talks, American and Iranian officials have been exchanging proposals through intermediaries in recent days, with a draft memorandum of understanding under discussion. The document is said to cover an end to military operations, the reopening of shipping lanes through the Strait of Hormuz, and the release of frozen Iranian funds held abroad.
However, two issues continue to block progress. Washington insists that Iran must first commit to curtailing its nuclear enrichment program before any sanctions can be eased. Tehran, by contrast, maintains that financial restrictions should be lifted as soon as any agreement is announced, and that discussions about its nuclear facilities should come later.
Iranian officials have publicly rejected the idea of surrendering their near-weapons-grade uranium stockpile as a precondition for sanctions relief. Parliament Speaker Mohammad Bagher Ghalibaf has stated that no arrangement will gain parliamentary approval unless it includes clear guarantees for Iranian economic interests.
On the American side, President Donald Trump has described a potential agreement as “largely negotiated,” though Iranian counterparts confirm significant gaps remain. U.S. negotiating representatives have emphasized that any agreement must include verifiable limits on nuclear activities. Regarding the disposition of Iran’s enriched material, Washington has proposed arrangements involving third-party custody or disposal under international oversight, rather than allowing other nations to retain the material.
The broader context includes ongoing military activity around the Strait of Hormuz, where American forces have conducted operations against Iranian naval assets even as diplomatic channels remain open. This parallel track of negotiation and confrontation has made it difficult for either side to build the trust needed for a lasting agreement.
Regional governments, including Gulf states and Pakistan, have played mediating roles. A proposed initial phase would involve a 30-day halt to hostilities, clearance of mines from key shipping routes, and the unfreezing of Iranian assets worth approximately 12 billion dollars, according to Iranian media reports. A subsequent 60-day period would then address nuclear questions.
Energy markets have responded cautiously to each diplomatic signal, with oil prices fluctuating on news of progress or setbacks. Analysts note that until shipping through the Strait of Hormuz normalizes, uncertainty will continue to weigh on global supply chains.