Iran’s Araghchi says indirect negotiations with US are continuing through intermediary countries

Iran's Foreign Minister Abbas Araghchi has stated that indirect negotiations with the United States are ongoing through intermediary countries, such as Pakistan and Qatar, according to a Reuters report. The Strait of Hormuz was to be fully opened within six days, but Washington agreed to Iran's seven-day proposal but sought additional conditions, which Araghchi did not disclose.

He also expressed distrust in the US during the negotiation process. Separately, Houthi rebels in Yemen announced that a ground attack on Saudi Arabia is a possibility, marking a significant escalation in the region's conflict. The West Texas Intermediate (WTI) oil price, a benchmark for crude oil, declined by 0.02% to $98.05 on the day.

WTI, also known as "light" and "sweet," is sourced in the United States and is a high-quality oil easily refined. The price of WTI oil is influenced by supply and demand, global growth, political instability, wars, sanctions, OPEC decisions, the US Dollar value, and weekly oil inventory reports. OPEC's production quotas and OPEC+ (including ten non-OPEC members like Russia) also impact WTI oil prices.

Meanwhile, the AUD/USD exchange rate has shown a positive bias for the fourth consecutive day, trading above 0.7000 in the Asian session after the Reserve Bank of Australia's (RBA) Deputy Governor Andrew Hauser's hawkish remarks. However, geopolitical uncertainty and energy-driven inflation fears are affecting the US Dollar and Gold prices.