US and Iran wrap up ‘most intense’ nuclear talks with no deal — more negotiations ahead
Iranian negotiating delegation departs for the positioning of the talks with US, in Geneva, Switzerland, Feb. 26, 2026.
Iranian Foreign Ministry | WANA | Via Reuters
The newest spherical of US-Iran talks didn’t result in a breakthrough, with either side agreeing to increase negotiations, Iranian Foreign Minister Seyed Abbas Araghchi stated, describing the discussions because the “most intense so far.”
“Further progress has been made in our diplomatic engagement with the United States,” stated Araghchi, including that either side deliberate to have interaction in a more “detailed” method on crucial points together with termination of US sanctions on Iran and “nuclear-related steps.”
The two sides made “significant progress” within the high-stakes talks in Geneva, Switzerland, and agreed to fulfill subsequent week to debate technical particulars in Vienna, in accordance with Oman’s foreign minister Badr Al Busaidithe mediator of the talks.
Al-Busaidi is headed to Washington to fulfill with Vice President JD Vance and different US officers on Friday, in accordance with MS Now. Vance has beforehand downplayed the potential for the US getting into right into a years-long battle with Iran regardless of intensifying navy rhetoric from Tehran and Washington.
Earlier this week, US President Donald Trump stated that Iran desires to make a “deal” more than the US whereas Tehran’s refusal to decide to not growing nuclear weapons stays a key sticking level holding up the settlement.
In his State of the Union tackle earlier this week, Trump stated that “They [Iran] want to make a deal, but we haven’t heard those secret words: We will never have a nuclear weapon.”
Tensions continued to run excessive because the US has amassed a big navy drive within the Middle East with Trump final week warning that “bad things” would occur if Iran doesn’t conform to a deal over the way forward for its nuclear program.
The third spherical of talks this week have been led by US particular envoy Steve Witkoff and Trump’s son-in-law Jared Kushner, whereas Araghchi headed the Iranian delegation.
US President Donald Trump’s Special Representative for the Middle East Steve Witkoff (C) and US President Trump’s son-in-law and advisor Jared Kushner (L) meet with Omani Foreign Minister Badr bin Hamad Al Busaidi (R), who’s mediating between the events within the third spherical of Iran-US negotiations held in Geneva, Switzerland, on February 26, 2026.
Umman Foreign Ministry | Anadolu | Getty Images
The Wall Street Journal reported Earlier Friday that the US group had robust calls for for the Iranians, together with that they destroy the three essential nuclear websites at Fordow, Natanz and Isfahan, and ship all of their remaining enriched uranium to the US Iranian officers have objected to those calls for.
The group additionally requested any nuclear deal should final endlessly and not have so-called sundown clauses, the newspaper reported, citing unnamed US officers.
From nuclear program to ballistic missiles
Iran’s nuclear program has been on the crux of the negotiations, with the US urgent Tehran to curb its ballistic-missile improvement program as properly. But Tehran has insisted on its proper to hold out the enrichment of uranium within the nation, saying it is wanted for vitality manufacturing.
Right earlier than the newest talks in Switzerland, US Secretary of State Marco Rubio stated that Iran’s reluctance to debate its improvement of intercontinental ballistic missiles was a big stumbling block.
The Trump administration has additionally demanded Tehran to cease supporting regional armed groups and stop its repression of home protesters.
Analysts have warned of dangers of a navy conflict within the area ought to the 2 sides fail to succeed in any significant breakthrough, which may unleash turmoil within the wider Middle East and for oil markets.
“Absent a diplomatic breakthrough in the coming days, the US risks entering into a military clash with significant escalatory potential,” Michael Hanna, director on the International Crisis Group, advised a Brussels-based assume tank.
Hanna additionally identified that Washington’s priorities stay unclear because it presses a wide-ranging record of calls for for Tehran: “It is unclear if the administration itself has a fixed idea about its desired end point.”
Among Tehran’s priorities within the talks is the lifting of sanctions which have hobbled its financial system and fueled a foreign money disaster, sparking widespread protests in opposition to the Islamic Republic in December.
Outcome of this week’s oblique talks can be key to the course of oil costs as merchants weigh potential provide considerations if hostilities escalate.
WTI futures have been down 35 cents, or 0.24%, on Friday at $64.97 per barrel. Brent crude futures misplaced 38 cents, or 0.30%, to $70.54 per barrel.
“The market may hold off on a full reaction until the scale of potential US action against Iran becomes clearer,” stated Warren Patterson, head of commodities technique at ING Bank, forecasting that any “targeted and brief” strikes that keep away from vitality infrastructure — like these seen in June final yr — with restricted retaliation from Iran could result in a short-lived spike in oil costs.
But within the occasion of longer-term motion from Washington coupled with more aggressive retaliation from Tehran, oil costs will seemingly keep elevated on provide dangers.
Traders may even watch the OPEC+ resolution on oil output for April this weekend.
“If we are to see de-escalation between the US and Iran, it should allow weaker fundamentals to feed through to a lower flat price — particularly if OPEC+ resumes supply increases from April, which we believe they will agree to this weekend,” Patterson stated.
