• Iran's foreign ministry states that a nuclear agreement is not close and no imminent deal is expected.
  • The remarks push back against speculation of a near-term breakthrough in talks with world powers.
  • Oil markets may see sustained risk premiums as hopes for sanctions relief fade.

Iran's foreign ministry poured cold water on expectations of a swift nuclear deal, saying that an agreement is not close and that no imminent deal is on the horizon. The statement, delivered by a ministry spokesperson, underscores the persistent gaps between Tehran and world powers in efforts to revive the 2015 Joint Comprehensive Plan of Action (JCPOA).

"We are not close to a deal," the spokesperson said, according to state media. "There is no immediate agreement in sight." The remarks come after weeks of indirect talks mediated by Oman and European diplomats, which had fueled speculation of a potential breakthrough.

The negotiations aim to restore the JCPOA, which limited Iran's nuclear program in exchange for sanctions relief. Since the U.S. withdrew from the accord in 2018 and reimposed sanctions, Iran has advanced its nuclear activities, enriching uranium to near weapons-grade levels. The U.S. and European powers insist on verifiable limits, while Iran demands full sanctions removal and guarantees.

Market reaction was muted in early trading, but analysts noted that the statement dims prospects for increased Iranian oil exports, which could have eased global supply constraints. "Without a deal, the risk premium on crude remains," said a commodities strategist. Iran's oil output has been capped under sanctions, and a revival could add 1 million barrels per day to global markets.

Efforts to reach a deal have hit a snag repeatedly over the past year, with both sides accusing each other of intransigence. "Iran wants tangible economic benefits, but the West insists on strict oversight," said a former diplomat familiar with the talks. "Without compromise, the stalemate continues."

A spokesperson for the U.S. State Department declined to comment on the latest statement, but reiterated Washington's commitment to diplomacy. The European Union, which coordinates the talks, said technical-level discussions are ongoing.

Correction: An earlier version of this article misquoted the spokesperson as saying "no agreement is imminent" — the correct phrase is "no imminent agreement." This has been updated.