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Trump defends concessions to Iran: Update
Trump defends concessions to Iran: Update
Updates with details throughout Washington, 8 April (Argus) — US president Donald Trump on Wednesday said his decision to allow Iran to at least temporarily maintain control over the strait of Hormuz and to discuss full sanctions relief for Tehran was a "big day for World Peace". The US and Iran late on Tuesday Washington time announced a two-week ceasefire, during which the two countries will hold negotiations to finalize a peace agreement. The two countries' starting negotiating positions are far apart. But Trump confirmed at least one point demanded by Iran, relating to its chokehold on navigation through Hormuz. "For a period of two weeks, safe passage through the strait of Hormuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations," Iran's foreign minister Abbas Araqchi said on Tuesday. Trump reposted the statement in full. Vessel traffic through the strait of Hormuz has yet to rise since the US and Iran announced a two-week ceasefire, as shipowners wait for clarity on security arrangements and insurance cover for transits. Additional war risk premiums for transits through the Mideast Gulf, the strait of Hormuz and the Red sea are not expected to ease immediately despite a ceasefire announcement, market participants said. And energy infrastructure in Iran and the Mideast Gulf states remained under attack in the hours after the ceasefire was announced. Rather than clarify questions over the status of the strait of Hormuz, Trump's statements only added to the confusion. On Wednesday morning, Trump asserted that there will be a "joint control" over the strait and that the US "will be helping with the traffic buildup in the strait of Hormuz". US vice president JD Vance, who could potentially lead the US negotiations with Iran, on Wednesday called the ceasefire "fragile", asserting that there are elements in the Iranian leadership who might be opposing talks with the US by misrepresenting the peace proposals under discussion. "You have people who clearly want to come to the negotiating table and work with us to find a good deal, and then you have people who are lying about even the fragile truce that we've already struck," Vance said in remarks in Budapest. Vance could potentially travel to Islamabad, Pakistan, for high-level talks with an Iranian delegation, "but nothing is final until announced by" Trump, the White House said on Wednesday. Iran's supreme national security council on Tuesday outlined a 10-point peace proposal, which included enshrining its control over Hormuz, lifting all sanctions on Iran, accepting of its right to nuclear enrichment, withdrawing of all US forces from the region and ending Israel's incursion into Lebanon. Trump in a rambling social media post on Tuesday evening lashed out at CNN for reporting details of Iran's 10-point plan as described by Tehran. Trump, in a social media post on Wednesday, added another denunciation of the references to details of Iran's 10-point proposal, which he said were circulated by "Fraudsters, Charlatans, and WORSE". There was only "one group of meaningful 'POINTS' that are acceptable to the United States, and we will be discussing them behind closed doors during these Negotiations," Trump said. But in an earlier Wednesday social media post, Trump acknowledged at least one other point demanded by Iran: "We are, and will be, talking Tariff and Sanctions relief with Iran," Trump said. The US has a 15-point counter-proposal, with provisions directly contravening the Iranian position, including over its nuclear program. Trump's hawkish anti-Iran loyalists in Congress appeared to be confused by his willingness to discuss Iranian demands that his predecessors previously refused to even consider. Senator Lindsey Graham (R-South Carolina), who defended Trump's decision to go to war with Iran without Congress' approval, said on Tuesday that Congress will need to have a say in any peace agreement Trump signs with Iran. Trump on Wednesday also threatened a 50pc tariff against any country that supplies Iran with weapons, even though the US Supreme Court has curtailed his ability to impose tariffs at will. Pentagon officials on Wednesday morning described the US operation as overwhelmingly successful and asserted that the US had forced Iran to capitulate. "Iran begged for this ceasefire and we all know it," defense secretary Pete Hegseth said. "We congratulate all the people of Iran on this victory," Iran's supreme national security council said on Tuesday. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Trump defends concessions to Iran
Trump defends concessions to Iran
Washington, 8 April (Argus) — US president Donald Trump on Wednesday said his decision to allow Iran to at least temporarily maintain control over the strait of Hormuz and to discuss full sanctions relief for Tehran was a "big day for World Peace". The US and Iran late on Tuesday Washington time announced a two-week ceasefire, during which the two countries will hold negotiations to finalize a peace agreement. The two countries' starting negotiating positions are far apart. But Trump confirmed at least one point demanded by Iran, relating to its chokehold on navigation through Hormuz. "For a period of two weeks, safe passage through the strait of Hormuz will be possible via coordination with Iran's armed forces and with due consideration of technical limitations," Iran's foreign minister Abbas Araqchi said on Tuesday. Trump reposted the statement in full. Vessel traffic through the strait of Hormuz has yet to rise since the US and Iran announced a two-week ceasefire, as shipowners wait for clarity on security arrangements and insurance cover for transits. Additional war risk premiums for transits through the Mideast Gulf, the strait of Hormuz and the Red sea are not expected to ease immediately despite a ceasefire announcement, market participants said. And energy infrastructure in Iran and the Mideast Gulf states remained under attack in the hours after the ceasefire was announced. Rather than clarify questions over the status of the strait of Hormuz, Trump's statements only added to the confusion. On Wednesday morning, Trump asserted that there will be a "joint control" over the strait and that the US "will be helping with the traffic buildup in the strait of Hormuz". Iran's supreme national security council on Tuesday outlined a 10-point peace proposal, which included enshrining its control over Hormuz, lifting all sanctions on Iran, accepting of its right to nuclear enrichment, withdrawing of all US forces from the region and ending Israel's incursion into Lebanon. Trump in a rambling social media point on Tuesday evening lashed out at CNN for reporting details of Iran's 10-point plan as described by Tehran. But in a Wednesday social media post, Trump acknowledged at least one other point demanded by Iran: "We are, and will be, talking Tariff and Sanctions relief with Iran," Trump said. The US has a 15-point counter-proposal, with provisions directly contravening the Iranian position, including over its nuclear program. Trump's hawkish anti-Iran loyalists in Congress appeared to be confused by his willingness to discuss Iranian demands that his predecessors previously refused to even consider. Senator Lindsey Graham (R-South Carolina), who defended Trump's decision to go to war with Iran without Congress' approval, said on Tuesday that Congress will need to have a say in any peace agreement Trump signs with Iran. Trump on Wednesday also threatened a 50pc tariff against any country that supplies Iran with weapons, even though the US Supreme Court has curtailed his ability to impose tariffs at will. Pentagon officials on Wednesday morning described the US operation as overwhelmingly successful and asserted that the US had forced Iran to capitulate. "Iran begged for this ceasefire and we all know it," defense secretary Pete Hegseth said. "We congratulate all the people of Iran on this victory," Iran's supreme national security council said on Tuesday. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Iran steel supply unlikely to benefit from ceasefire
Iran steel supply unlikely to benefit from ceasefire
London, 8 April (Argus) — Iran's steel production is unlikely to recover swiftly despite the announcement of a two-week ceasefire between the US and Iran late on Tuesday that could bring relief from higher energy prices and potentially enable shipping to resume through the strait of Hormuz. Damage to major Iranian steel producers Mobarakeh Steel and Khuzestan Steel after air strikes at the end of March have resulted in the companies halting production because of extensive damage to their plants. Repairs and the resumption of output is expected to take months, which is likely to tighten the supply of products to the semi-finished steel markets, to which both mills are large suppliers, with a combined production capacity of around 14mn t/yr. This could in turn keep slab and billet prices elevated — fob Asia slab prices have increased by $24/t since the end of February, while cfr Asean billet prices have risen by $30/t, according to Argus assessments. Iranian prices have also strengthened, with a deal concluding $26/t higher for April shipment compared with March-shipment prices. But the ceasefire announcement could bring some production cost relief in the form of lower energy prices, based on initial market reaction. European gas prices plunged at market opening on Wednesday, with front-month futures at Europe's benchmark Dutch TTF hub nearly 20pc lower, while the front-month Ice June Brent crude contract fell by around 16pc. Lower crude prices weighing on fuel oil markets and the prospect of shipping through the strait of Hormuz resuming could also benefit producers and exporters by pulling freight rates lower. Some steel producers in Asia and Europe, particularly of long products, raised prices throughout March because of higher energy costs, while a number of seaborne suppliers increased offers on a cfr basis to account for surging freight and logistics costs. The ceasefire has had no immediate impact on steel prices today, some traders said, but others noted that the euro strengthening against the US dollar has affected import prices — an offer at $700/t cfr would work out around €10/t lower at today's rate compared with the end of last week. "The risk [for Hormuz] to remain blocked is still too high if the ceasefire will be interrupted. So I guess shipowners will not accept cargoes from the Gulf," a trader said. By Lora Stoyanova Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Shipowners await clarity on Hormuz after ceasefire
Shipowners await clarity on Hormuz after ceasefire
London, 8 April (Argus) — Vessel traffic through the strait of Hormuz has yet to rise since the US and Iran announced a two-week ceasefire , as shipowners wait for clarity on security arrangements and insurance cover for transits. US president Donald Trump said the ceasefire depends on free transit through Hormuz, a chokepoint for global oil flows. But AIS data do not yet show a surge in transits. Trump agreed to the two-week ceasefire with Iran on 7 April, subject to what he described as the "complete, immediate and safe opening" of the strait of Hormuz. Iran's supreme national security council confirmed the ceasefire but said the proposal under discussion would enshrine "continued Iranian control over the strait", according to Iran's Tasnim news agency, which is linked to the Islamic Revolutionary Guard Corps (IRGC). A small number of vessel movements via the strait have emerged since the announcement, including the Greek-owned bulk carrier NJ Earth and the Liberia-flagged Daytona Beach , according to vessel tracking firm MarineTraffic. But overall traffic has remained limited. The ceasefire could allow commercial shipping flows to recover after weeks of minimal traffic caused by security risks and insurance restrictions during fighting between the US, Israel and Iran. The fact that transits have not accelerated yet reflects uncertainty over technical, security and insurance details. "The shipping industry is currently awaiting technical details from the US and from Iran on how to transit the strait of Hormuz safely," said Jakob Larsen, chief safety and security officer at shipping association Bimco. He noted that Iran continues to seek control over the waterway. The International Maritime Organisation (IMO) welcomes the ceasefire and is "working with the relevant parties to implement an appropriate mechanism to ensure the safe transit of ships through the strait of Hormuz", secretary-general Arsenio Dominguez said. Maritime security firm Ambrey said Iran has maintained control over the strait, despite US demands for unrestricted passage. It expects the risk to shipping in the Mideast Gulf to ease while the ceasefire is in place, but warned there remains "a realistic possibility of continued risk to unauthorised strait of Hormuz transits, as well as to Israel- and US-affiliated shipping attempting to transit". Market participants said crude cargo numbers in the Mideast Gulf appear to be rising, but added that activity remains tentative until insurers spell out cover terms and protocols. By Leonard Fisher-Matthews Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
