Business, markets and economy news from Malaysia.
Iran's top negotiator Mohammad Bagher Ghalibaf has dismissed US claims that unfrozen Iranian assets will be spent on American agricultural goods, highlighting deepening disagreements over fund deployment as nuclear negotiations continue.
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Iran and the United States have completed a draft agreement providing temporary relief from sanctions on Iranian oil shipments, negotiators said Sunday, as part of broader peace efforts under the Islamabad Memorandum.
Iran has signalled that upcoming negotiations with the United States in Switzerland will prioritize enforcing core provisions of a memorandum, including ending regional conflicts, lifting oil sanctions, and unfreezing assets.
Iranian President Masoud Pezeshkian has indicated Tehran could formalize a written commitment to abandon nuclear weapons development, marking a potential diplomatic shift as negotiations with the United States resume.
Oil futures dropped more than 2% after Washington and Tehran reached an interim ceasefire agreement that would reopen the Strait of Hormuz and lift sanctions on Iranian crude, easing supply concerns.