Iran has said the fact the deadline to reach a deal with the U.S. as part of the memorandum of understanding the countries reached earlier this year is "irrelevant" given renewed hostilities.
"The 60-day discussion is no longer relevant," Iranian Foreign Ministry spokesperson Esmail Baqaei said, according to remarks published by state-run news agency IRNA.
Baqaei went on to say the period was set to kick off negotiations over the "nuclear issue" and the "lifting of sanctions," but that has not been the case because the U.S. violated the terms and prevented them from taking place.
The U.S., in turn, has accused Tehran of violating the agreement by targeting ships attempting to cross the Strait of Hormuz. That disagreement led to the most recent flare up, which has ebbed and turned into a scenario where the Trump administration is basing its strategy on applying economic pressure on Iran while sustaining the blockade of its ports. Tehran has also been preventing other ships from crossing the waterway, largely bringing traffic to a halt.
Treasury Secretary Scott Bessent said last week that the U.S. will apply economic measures "that have never been seen on Iran."
Speaking to Newsmax, Bessent said the tactic "will be a combination of economic isolation like the world has never seen before, and the continued blockade in the Strait of Hormuz that will keep anything from going in or out of the Iranian ports." He did not elaborate further, only saying "just watch this space."
The remarks echo those of President Donald Trump, who claimed economic pressure on Tehran is working.
Speaking to Real America's Voice, Trump said the country's economy is in tatters. "They've got 300% inflation. Their currency has almost no value. They're not paying their soldiers. Their soldiers are leaving."
He went on to say that while military options are still on the table, he is leaning towards continuing down the current path: "Economically, they are a mess. They can't borrow money. We control their money, what they had, which is a lot. They had a lot, and we have total control of it. I'm their banker," Trump added.
