• Negotiations with Iran to extend the ceasefire and reopen the Strait of Hormuz are expected to take several more days.
  • The U.S. insists the waterway remain fully open and toll-free, with President Trump warning against a "bad deal."
  • Unresolved wording in the draft agreement is the main sticking point, according to Secretary of State Marco Rubio.

Talks Hit Snag on Language

U.S. Secretary of State Marco Rubio said Thursday that negotiations with Iran to extend the ceasefire and reopen the Strait of Hormuz will require additional days, as the two sides remain stuck on specific language in the draft agreement. "We're making progress, but the wording isn't there yet," Rubio told reporters during a briefing, adding that the U.S. team is pushing for precise guarantees.

At the heart of the dispute is the U.S. demand that the Strait of Hormuz remain "fully open and toll-free" under any deal, a position that Rubio said President Donald Trump has made clear is non-negotiable. "The president will not accept a bad deal," Rubio warned, suggesting that without a satisfactory framework, Washington could walk away.

Strategic Waterway at Risk

The Strait of Hormuz, a chokepoint for about 20% of global oil supply, has been a central flashpoint in U.S.-Iran tensions. Iran has previously threatened to restrict traffic, and recent enforcement actions by Iran's navy have raised alarms in Gulf capitals. A senior administration official, speaking on condition of anonymity, said the negotiations are "critical to global energy security" and that the U.S. is coordinating with allies on contingency measures if talks fail.

Iran's negotiating team has signaled willingness to keep the waterway open but has pushed back on some U.S. language, which Tehran views as infringing on its sovereignty. "The wording must reflect our rights," said an Iranian diplomat familiar with the talks, who declined to be named due to the sensitivity of the discussions.

Market Jitters

Oil prices edged higher on Friday as traders weighed the possibility of further delays. Brent crude rose 0.8% to $82.50 a barrel, while West Texas Intermediate climbed to $78.20. Analysts at Goldman Sachs warned that a breakdown in talks could spike prices by $5-$10 a barrel in the short term, given the risk of supply disruptions.

Shipping insurance premiums for vessels transiting the Gulf have also crept up, according to industry sources. "Every day without a deal adds a risk premium," said a London-based maritime insurance broker. "We're watching this closely."

Next Steps

Rubio said negotiators would reconvene Saturday to continue hammering out the text. He declined to set a deadline but emphasized that the talks are "not open-ended." If an agreement is reached, it would mark a significant de-escalation in Gulf tensions, though U.S. officials caution that broader issues, including Iran's nuclear program, remain unresolved.

Correction: An earlier version of this article misstated the day of Rubio's remarks; they were made on Thursday, not Friday.