According to Reuters, several senior Iranian officials say Tehran is deliberately prolonging negotiations with the United States to weaken President Donald Trump before the November 3 midterm elections, while preparing for possible renewed U.S. and Israeli strikes. They believe a deal before the vote would hand Trump a political win, while the conflict, high gasoline prices and economic uncertainty are liabilities for Republicans. Washington wants Iran's nuclear program on the table from the outset, while Tehran insists sanctions relief and an end to hostilities come first; Iran has proposed reopening the Strait of Hormuz within seven days if the U.S. lifts its maritime blockade, eases oil export curbs, releases frozen assets and ends military operations. Iran's economy is also badly strained, with annual inflation at 73.6% in September, the rial down nearly 35% against the dollar since July, and seaborne crude exports at zero since the second week of September.
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XAU/USD
▲ Likely positiveRelevance: low
| Market | Gold |
|---|---|
| Close on 10/19/2026 | 4,140.75 |
| Change that session | -0.60% |
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- Iran intentionally prolonging talks ahead of US midterms, officials say
Three senior Iranian officials and an insider say Tehran has deliberately prolonged talks with Washington to weaken Donald Trump politically before the November 3 midterm elections. Officials believe Tehran expects renewed US attacks and sees little chance of a breakthrough before the vote. Iran has effectively kept the Strait of Hormuz closed since the war began, while the US naval blockade and sanctions have cut off its oil export revenues. Iran's proposal, conveyed through Qatari mediators, would reopen the strait within seven days under Iranian control if Washington lifts the blockade, eases oil sanctions, releases frozen assets and ends hostilities, while the US wants the nuclear program on the table from the outset. Iran's economy is strained, with annual inflation at 73.6% in September and the rial down nearly 35% against the dollar since July.
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Iran's Foreign Minister Abbas Araqchi says Tehran's offer to reopen the Strait of Hormuz within seven days remains on the table, though Iran's security chief said talks stalled because Washington did not address all seven conditions. Iran wants the lifting of the US blockade on its ports and of sanctions on its oil exports, plus an end to hostilities on all regional fronts; if accepted, the strait could reopen within six days, with talks resuming the next day. Washington insists on addressing Iran's nuclear program from the outset, and Vice President JD Vance has said Iran must make a 'meaningful' cut to uranium enrichment capacity to end the eight-month war. Meanwhile, Iran's Revolutionary Guards navy says two oil tankers caught fire after hitting naval mines, a claim not independently confirmed, and maritime officials reported that a container ship and a dry bulk carrier sank near the strait after being hit by projectiles.
- Iran prolongs talks in stalemate to influence US midterms , officials say
According to three senior Iranian officials and an insider, Tehran is deliberately prolonging talks with Washington to weaken President Donald Trump politically before the US midterm elections. The officials say Iran is preparing for renewed Israeli and US attacks rather than a deal to end the eight-month-old war. Trump's approval rating has hit a record low, while Iran has effectively kept the Strait of Hormuz closed and faces a US maritime blockade and sanctions that have cut its oil export revenue; annual inflation reached 73.6% in September and the rial has fallen nearly 35% against the dollar. Iran's Qatari-mediated proposal would reopen the strait within seven days under Iranian control if Washington lifts the blockade, eases oil export restrictions, releases frozen assets and ends hostilities. Officials see little chance of a breakthrough before the elections.
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Iran's Foreign Minister Abbas Araqchi says its proposal to reopen the Strait of Hormuz within seven days remains on the table, even as Tehran reviews a US response. Iran made the offer in mid-September after an interim ceasefire collapsed, conditioning it on lifting the US blockade of its ports and oil sanctions and ending hostilities on all regional fronts; if accepted, the strait could reopen within six days. The main sticking point is Iran's nuclear program, which US Vice President JD Vance says must see a 'meaningful' cut in uranium enrichment capacity. Iran's Revolutionary Guards navy claims two oil tankers caught fire after hitting naval mines in the strait, a report IRNA carried but that has not been independently confirmed. Attacks around the waterway have surged over the past two weeks, adding to the energy price and inflation pressures caused by the disruption.
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