Brent falls below $90 on an Iran deal Tehran’s security chief says is not happening

Brent crude dipped below $90 a barrel intraday on Tuesday for the first time since August. Reuters-sourced copy put Brent down $1.93, or 2.1 per cent, at $90.64 as of 10:28 a.m., with WTI down $1.44 at $85.41, both on course for their lowest closes since 28 August; Oilprice.com had logged Brent at $94.00 on Monday after a 3.6 per cent fall, which it placed at the end of a 16 per cent weekly slide. The proximate cause was Washington’s tone. Trump, speaking on Monday after meeting Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani, said the war could end “fairly soon,” that Tehran was “talking very politely,” that “Iran militarily is effectively over,” and that further strikes were “quite unlikely” — while adding that the US remained “locked and loaded” and that policy was “status quo.”

On Tuesday, Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, told the pro-Iran broadcaster Al-Mayadeen that none of it exists. “I emphasize that we are not currently conducting any negotiations with the Americans, and there are no negotiations between us and Washington at present,” he said, per Anadolu, denying any planned meeting in Qatar or with Vice-President JD Vance. “We have communicated our conditions to the American side, but their initial response was insufficient and deceptive.” Via Tasnim he called US claims of talks “complete lies” intended to ease economic pressure and push oil prices down, and said the Strait of Hormuz stays closed until Tehran’s seven conditions, set out in a June interim agreement, are fully implemented. Reuters carried the core denial. Foreign Minister Abbas Araghchi separately denied a Vance meeting was in preparation.

The substance attributed to the Qatari proposal rests on thinner ground than either government’s rhetoric. The terms in circulation — Iran reopens Hormuz and halts attacks on Gulf-state vessels; Washington lifts its naval and economic blockade and releases $8bn in Iranian assets frozen in Qatar — are sourced to the Israeli newspaper Israel Hayom citing two diplomatic sources, and were amplified by the Tehran-opposition outlet Iran International. The widely repeated line that Iran “appears to drop” its demand to control the strait is an inference from that text, not an Iranian statement. Qatar’s own on-record position on Tuesday was studiedly empty: a foreign ministry spokesman told Euronews that both sides were making positive statements about a diplomatic solution but “we cannot say how close or how far away an agreement is.” The Qatari PM then made an unscheduled stop at the G7 to brief Europeans.

Assessment: Rezaei supplied a falsifiable theory of American motive — that Washington manufactures talks to drive crude down — and the tape then moved his way, which is not proof but is the kind of coincidence that hardens a negotiating position rather than softening it. Read the three Washington voices as one posture, not a split: Trump talks the war down, Rubio says a deal may be impossible and that there is “no need” to resume major operations because the economic campaign is working, Hegseth claims the strait is controlled. Nothing there concedes anything. CNBC ties the softer tone to Republicans losing both chambers; treat that as the outlet’s framing. The market has priced a settlement whose only detailed text is two anonymous diplomats in an Israeli paper.