GeopoliticsMediumUpdated×8•Originally published 3 November 2026•Updated 4 November 2026•
1 min read
Reports of U.S.-Iran Draft Memo Involving Nuclear Program and Frozen Funds
Key Facts
1The limited US strikes in Hormuz targeted Iranians using surface-to-air missiles against the United States, according to a US official.
2The Qatari delegation's meeting with its counterparts in Tehran lasted about 3 hours on Monday.
3Iran linked reopening the strait and resuming nuclear talks to lifting the blockade, removing sanctions on oil sales and a ceasefire that includes Lebanon.
4Brent closed at $103.60 a barrel on 3 November, compared with $104.77 on 2 November.
5West Texas Intermediate rose to $96.76 a barrel on 3 November from $96.46 on 2 November.
Media reports indicated a draft Memorandum of Understanding between the United States and Iran involving mutual concessions on the nuclear program and frozen funds. The development follows statements by U.S. President Donald Trump to the Financial Times ruling out immediate military strikes against Iran.
Brent crude prices dropped to $94 on November 4, 2026, amid uncertainty regarding Iran following the US midterm elections. This decline follows a price of $103.60 on November 3, 2026, as Iranian state media denied an imminent deal and Mohsen Rezaei maintained conditions for reopening the Strait of Hormuz.