Iran Says Nuclear Talks Are Not Underway as Brent Settles Lower

Iran’s Foreign Ministry said nuclear talks with Washington were not underway on Oct. 20, while Qatar described continued engagement between the two countries, leaving oil markets with an uncertain diplomatic backdrop.

Qatar’s Foreign Ministry said talks were continuing and both sides remained engaged. Iran’s Foreign Ministry called Washington’s response to Tehran’s separate Strait of Hormuz proposal incomplete and insufficient. Iran’s statement on nuclear talks does not establish whether other diplomatic contacts are taking place.

Brent crude settled at $108.79 per barrel on Oct. 20, down 0.69% for the session. Oil shipments through the Strait of Hormuz make the diplomatic dispute relevant to energy markets.

A U.S.-Iran memorandum signed June 18 set out a framework for negotiations toward a later agreement within 60 days. Qatar and Pakistan said the first high-level meeting under that framework concluded June 22. The memorandum was not a final agreement.

U.S. consumer prices rose 3.7% in the 12 months through September, while the gasoline index climbed 9.1% from August to September. The Fed raised its target rate range by 0.25 percentage point to 3.75%–4% on Sept. 16. Officials have announced neither a date nor a venue for the next talks.