Skip to content
You can now search across every topic, entity and event.What's new
European Oil Markets
31JUL

Iran claims progress, media says no rush

2 min read
09:33UTC

Tehran's Foreign Ministry says points were agreed; IRGC-aligned media says Hormuz stays closed until a deal suits Iran.

EconomicDeveloping
Key takeaway

Iran's Foreign Ministry signals openness while the IRGC signals control of Hormuz as leverage.

Iran's Foreign Ministry stated after the talks that "the two sides agreed on a number of points" without specifying which. Its spokesperson added: "Diplomacy never comes to an end." The language was conciliatory, leaving the door open to further rounds.

Fars News Agency, which is close to the IRGC, ran a harder line: "Iran is in no hurry, and until the US agrees to a reasonable deal, there will be no change in the status of the strait of Hormuz." Iranian state television described the session as "the third round of negotiations," a framing that implies two prior sessions were held without being publicly acknowledged.

The two messages serve different audiences. The Foreign Ministry's tone is aimed outward, at Pakistan, the EU, and other mediators who need a signal that further talks are possible. Fars News speaks inward and to the IRGC's own constituency: the strait stays closed, Iran holds the leverage, there is no urgency. Parliament speaker Ghalibaf had already codified three ceasefire violations and two preconditions before arriving in Islamabad , setting the rhetorical floor below which no Iranian official can go without facing domestic blowback.

The "third round" claim is the most interesting detail. If two prior rounds occurred before the 11 April public opening at the Serena Hotel, they were conducted without any non-Iranian source reporting them. That would mean the Islamabad format had been tested in secret before it was unveiled, and it still failed.

Deep Analysis

In plain English

After the talks ended, Iran's Foreign Ministry said 'the two sides agreed on a number of points' but did not say what those points were. At the same time, Iran's state television, which reflects harder-line IRGC opinion, said the US had walked away due to 'overreach' and that Iran was 'in no hurry' to deal. These are two different institutions sending two different signals. The Foreign Ministry is signalling that diplomacy is still possible. The IRGC-aligned media is signalling that Iran has leverage and does not need to make concessions. The Iranian state TV claim that Islamabad was 'the third round' is particularly telling: it implies there were at least two rounds of talks before 11 April that were never publicly acknowledged. If true, both sides have more diplomatic contact than the public record shows.

Deep Analysis
Root Causes

The divergence between the Foreign Ministry and IRGC-aligned media reflects an institutional split inside the Iranian system that predates this conflict.

The Foreign Ministry under Araghchi represents a diplomatic professional class that sees negotiation as Iran's long-term interest. The IRGC-aligned media represents a faction whose institutional power and budget depend on a permanent state of confrontation with the US.

What could happen next?
  • Consequence

    Iran's unspecified 'agreed points' claim creates a public information vacuum that both sides can fill with incompatible narratives, making it harder to build the domestic political case in either country for resuming talks.

  • Risk

    If Tasnim's claim that Iran tabled joint framework initiatives is accurate and goes unconfirmed, it establishes a false record that Iran made no moves, which could be used domestically to justify a return to hostilities.

First Reported In

Update #66 · Islamabad collapses: 10 days to expiry

Fars News Agency· 12 Apr 2026
Read original
Causes and effects
This Event
Iran claims progress, media says no rush
The split between the Foreign Ministry's softer language and Fars News's harder line reveals competing signals from within the Iranian state about what Islamabad means.
Different Perspectives
Sanctions compliance officer reviewing a Lukoil International GmbH bid
Sanctions compliance officer reviewing a Lukoil International GmbH bid
OFAC's amended FAQ 1224 gives a compliance desk its first published standard: full severance from Lukoil and a US-jurisdiction blocked account for sale proceeds. The conditions name neither ISAB nor Italy, so a Priolo Gargallo-linked bid answers a different question than a Neftochim Burgas or Petrotel Ploiesti one.
Managed-money funds on Brent Last Day
Managed-money funds on Brent Last Day
CFTC data for the week to 21 July showed managed money flipping 74,400 contracts to a net long of 15,665 against 1,410 short on the Brent Last Day contract, code 06765T. A fund that held that short through July has now covered it, and the spent short base raises the bar for the next leg higher.
Saudi crude exporters
Saudi crude exporters
Saudi-linked tanker transits through Bab el-Mandeb fell to about 7.5 a day after the 24 July underwriting withdrawal, pushing more barrels onto the longer route round the Cape or through the Yanbu terminal. Every diverted barrel ties up a ship for longer, and a fleet that turns slower charges more.
Tanker owners on the Bab el-Mandeb route
Tanker owners on the Bab el-Mandeb route
Lloyd's-market syndicates withdrew war-risk cover from Saudi-linked hulls on 24 July, leaving owners of that class of vessel to sail Bab el-Mandeb uninsured or not at all. Tanker transits on the route fell to roughly 7.5 a day, and cover, once withdrawn, does not return on a shipowner's timetable.
Eni
Eni
Eni's board approved second-quarter results on 29 July, swinging refining EBIT to a EUR0.08bn profit from a year-earlier loss even as group profit doubled, and named Red Sea freight cost as a cap on that improvement. A refiner absorbing higher shipping costs on Saudi-linked crude while its numbers improve treats the freight line as a drag, not a crisis.
Asian buyers (India, Japan, China, South Korea)
Asian buyers (India, Japan, China, South Korea)
Asian refiners are absorbing 62% of Yanbu's 3.75m b/d flow, the bulk of Saudi Arabia's rerouted crude now clearing east rather than into the Atlantic basin. That destination split leaves Asian buyers more exposed to any single Yanbu-specific disruption than under the kingdom's normal multi-terminal export pattern.