Iran Rejects Transfer of Enriched Uranium, Lifting Brent 1.4% After Rezaei Remarks
Key Facts
Reuters quoted Rezaei as warning in televised remarks of consequences from any new U.S. strikes. The two crude benchmarks rose after falling to their lowest levels in two months, Reuters reported. Rezaei said any new U.S. attacks would be met with strikes on distant U.S. bases. Tehran thus tied its position on nuclear materials to a military warning, while oil prices rose during the session as the news broke.
Rezaei said no negotiations were currently under way between Tehran and Washington, while The Associated Press reported that Iran was not prepared to negotiate over its atomic activities before fundamental Iranian conditions were met. At the same time, Tehran was reviewing proposals submitted by Qatar, the main mediator, to address nuclear differences with the United States. The agency said the proposals were aimed at addressing disputes over Iran's nuclear program. Regional officials told the agency that confidence-building measures included lifting the U.S. blockade of Iranian ports and releasing some frozen Iranian funds. They also included allowing International Atomic Energy Agency inspectors to visit sites bombed by the United States and Israel.
Iran's stated conditions before any nuclear talks include lifting sanctions and freeing Iranian assets, along with compensation for war damage and an end to hostilities in the region. The Associated Press reported that Tehran had added an end to Israeli operations in Lebanon to its demands. A senior Iranian official told Reuters that Iran had sent a nuclear proposal to the United States via Qatar, to be discussed after Washington met seven Iranian demands. The proposed sequence places the nuclear proposal after the conditions are met, while Washington says nuclear issues must be part of any initial negotiations aimed at ending the U.S.-Israeli war on Iran. These positions show that the exchange of proposals has not resolved disagreements over the order or terms of talks.
The International Atomic Energy Agency estimates, according to The Associated Press, that Iran has 440.9 kilograms of uranium enriched to 60% purity, while 90% is used to describe weapons-grade uranium. But Reuters said the agency had been unable to verify how much remained after the attacks or determine where it was stored. The rejection of transferring any of the enriched material comes amid continued uncertainty over what remains and its location. The issue has become central to the dispute over what nuclear arrangements could include, alongside Tehran's political and economic demands. The cited Iranian remarks gave no date for resuming negotiations.
Oil prices had initially fallen by more than $3 a barrel in the previous session after U.S. officials played down the need for further military strikes on Iran, then pared some losses after an Iranian statement said there were no talks. UBS analyst Giovanni Staunovo said, "Reduced hopes for imminent de-escalation support oil prices." Even so, Brent and West Texas Intermediate remained down since the start of November by about 21% and 17%, respectively, amid hopes of an end to the war, Reuters reported. The move on November 11 partly reversed the decline recorded since the start of the month, with prices still affected by developments in the war and remarks on de-escalation. Official U.S. crude inventory data was scheduled for release later on November 11.