• Iran to finalize draft nuclear proposal within 2-3 days, pending approval before sending to US
  • Tensions escalate as Trump warns of "bad things" within 10-15 days without deal, while reviewing limited strike options
  • Talks remain deadlocked over Iran's enrichment rights versus US demands for full halt plus missile and proxy curbs

Iran's Foreign Minister Abbas Araghchi announced Tuesday that Tehran will complete a draft nuclear proposal within the next two to three days, following indirect talks in Geneva mediated by Oman. The proposal requires final approval before being sent to Washington, according to people familiar with the matter who spoke on condition of anonymity.

"We have had positive discussions, but gaps remain," Araghchi said in a brief statement after the Geneva meetings concluded without agreement. He emphasized that Iran maintains its "right to enrich" uranium for peaceful purposes, while acknowledging Washington did not demand zero enrichment and Iran did not offer it.

The diplomatic push comes amid heightened military posturing, with multiple sources confirming the Trump administration is actively reviewing options for limited strikes against Iranian nuclear facilities. Trump himself warned of "bad things" happening within 10 to 15 days if no "meaningful deal" emerges, though he expressed preference for diplomatic resolution.

Efforts to restructure the nuclear negotiations have hit multiple snags since five previous rounds collapsed by the June 2025 deadline. That failure triggered Israeli offensive operations on June 13, followed by US "Operation Midnight Hammer" strikes on June 22 targeting key sites at Parchin, Isfahan, Natanz, and Fordow. Iranian officials claim these strikes did not fully destroy capabilities, and satellite imagery shows ongoing fortification work at damaged facilities.

Without a breakthrough in the coming days, analysts warn the company of diplomacy could be forced into what one European diplomat called "bankruptcy of options." The International Atomic Energy Agency has noted inspection gaps at struck sites, complicating verification efforts.

Iran has attempted to sweeten the pot with economic incentives, offering US investment opportunities in oil and gas fields, aircraft purchases, and joint ventures as part of potential sanctions relief. These proposals aim to decouple nuclear talks from regional issues, though US officials remain skeptical.

"What institutional investors really need is regulatory stability," said one financial analyst tracking energy markets, drawing parallels to private market investments. "Right now we're seeing the opposite—volatility that could spike oil prices if this escalates."

Attempts to reach spokespeople at the State Department and Iranian mission in New York were unsuccessful by publication time. A White House official, speaking on background, confirmed the administration is "reviewing all options" while hoping for diplomatic progress.

The political context remains fraught. Iran's Supreme Leader Ali Khamenei has publicly rejected zero enrichment and missile limits, while Israeli Prime Minister Benjamin Netanyahu insists on including missile and proxy curbs in any agreement. Some US lawmakers, including Senator Marco Rubio who plans an Israel visit soon, echo these broader demands.

In Tehran, hardliners criticize what they call American "lack of seriousness," fearing concessions that could weaken Iran's position. Public opinion splits between optimists who see potential for a deal and skeptics who doubt US compliance, recalling the 2018 collapse of the Joint Comprehensive Plan of Action.

As the clock ticks toward Trump's self-imposed deadline, all eyes turn to whether Iran's forthcoming proposal can bridge what one negotiator described as "still significant differences." The coming days will determine whether diplomacy prevails or military action becomes inevitable.

Correction: An earlier version misstated the timing of US strikes; they occurred on June 22, not June 20.