/weekend need to know
Negotiations About Negotiations
Hormuz Action and Sanctions
Lebanon “Ceasefire” in Disarray
See quick overview of other notable oil market info this weekend
/summary
NEGOTIATIONS ABOUT NEGOTIATIONS:
Iranian Foreign Minister Araghchi spent the weekend on a regional diplomatic tour - visiting Pakistan twice, then Oman and now set for Moscow, while also speaking by phone with Turkish, Qatari, Saudi and French officials - but no meeting with the US materialised. Friday's optimism that Kushner and Witkoff were Pakistan-bound evaporated Saturday when Trump abruptly cancelled via Truth Social, claiming Iran's offer "should've been better" while insisting the US has "all the cards."
Tehran's position remains firm: Iranian President Pezeshkian told Pakistan's PM that Iran will not enter negotiations under threats or while the US blockade remains in place. Trump's choices are narrowing - escalate, cut a deal he doesn't like, or wait for the blockade to break Iran's red lines on nukes. None look clean, and as proceedings drag on, energy faces further upward pressure.
HORMUZ ACTION AND SANCTIONS:
Washington tightened its grip on Iranian oil revenues this weekend, with the US Treasury sanctioning roughly 40 shipping firms and vessels linked to Iran's shadow fleet, alongside Hengli Petrochemical - China's second-largest teapot refinery - for its Iranian crude purchases.
One of the newly sanctioned vessels, the M/V Sevan, was swiftly intercepted by US naval forces in the Arabian Sea. Turning around tankers is an inconvenience for Iran, not a breaking point and as long as the blockade stands, it remains the single biggest barrier to getting Iran to the negotiating table.
