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Crude has been swinging on missile headlines and on diplomatic ones, and this is firmly one of the diplomatic ones. It adds to the oil price downside risk traders face if talks lead to Hormuz reopening. Iran’s openness on nuclear inspections matters because it touches a core US demand, so it carries more weight than a general call for peace. A caveat … the market is discounting words until they come with steps on Hormuz or the blockade. With the midterms now a deadline for both sides, oil is likely to stay very sensitive to any sign of movement from Iran and the US over the coming weeks.
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Earlier:
- Oil jumps to one-week high as Houthi strikes on Saudi Arabia outweigh Hormuz deal hopes
- ICYMI: France to send troops and air defences to Saudi Arabia’s Yanbu as Houthi attacks mount
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Trump says Iran is waiting out the midterms, and Pezeshkian says Iran wants a deal before them. Each side is trying to pin the delay on the other, while oil traders wait to see whether any of it reopens Hormuz.
Summary:
- Pezeshkian said Iran wants the US to return to the June ceasefire memorandum before the November midterm elections
- The June memorandum set out a temporary ceasefire that later collapsed
- Trump said on Tuesday that he believed Tehran was delaying a deal until after the midterms
- Pezeshkian said Iran is open to inspections of its nuclear facilities
- He denied that his government sought to assassinate Trump or his family
- Negotiators in New York are exploring a phased deal: Iran would reopen Hormuz and the US would lift its blockade
Iranian President Masoud Pezeshkian said Tehran wants to restore its ceasefire understanding with the United States before the November midterm elections. He was speaking to NBC News and other outlets on the sidelines of the United Nations General Assembly in New York. He said Iran does not want the matter to drag on until the vote and hopes Washington will return to the memorandum of understanding before then.
The memorandum dates back to June, when it set out a temporary ceasefire between the two countries. That arrangement later collapsed, and the nearly seven-month conflict has since settled into a stalemate, with Iran keeping the Strait of Hormuz closed and the US maintaining an economic blockade of Iran.
Pezeshkian’s comments offer a direct counterpoint to President Donald Trump, who said on Tuesday that he believed Tehran was stalling on a deal until after the elections, to see how he fares at the polls. By putting a pre-midterm timeline on the table himself, the Iranian leader appears to be trying to shift the blame for any delay back onto Washington.
Pezeshkian also said Iran is open to inspections of its nuclear facilities. That is a potentially significant signal, since nuclear oversight has long been central to US demands. He also denied that his government had sought to assassinate Trump or members of his family.
The remarks come as US and Iranian negotiators in New York explore a phased path out of the war, under which Iran would reopen Hormuz and the US would lift its blockade. Both sides remain wary of giving up leverage. An Iranian official has called US demands excessive, while a European official described Iran’s list of requests as very long.
Oil markets have been quick to react to both war (missiles) and diplomatic signals. Traders want concrete steps rather than statements of intent.
Whether the talks can produce a revived memorandum in the weeks before the midterms (Tuesday, 3 November 2026) depends on whether either side is prepared to move first on Hormuz or the blockade. Until then, the president’s words amount to an opening offer rather than a breakthrough.
This article was written by Eamonn Sheridan at investinglive.com.
