Iranian Oil

May 15 (UPI) — President Donald Trump told reporters Friday that the first sentence of Iran’s peace proposal was “unacceptable” and accused the country of backtracking on its nuclear policy, but Iran signaled it’s still ready to negotiate.

Trump said the first sentence was an “unacceptable sentence, because they have fully agreed no nuclear, and if they have any nuclear of any form, I don’t read the rest,” CNN reported he said. He added that he is unsatisfied with the “level of guarantee from them.”

Trump said Iran had agreed to give up its enriched uranium, which he calls “nuclear dust.” But “then they took it back,” he said.

But Iranian Foreign Minister Abbas Araghchi said Friday that discussion about uranium enrichment “is currently not on the agenda of discussions or negotiations,” but the country is willing to talk about it later in negotiations, according to Iran’s news agency Tasnim.

Iran has said it doesn’t plan to build a nuclear weapon but has refused to give up its uranium.

Trump’s comments were on his trip from Beijing after meeting with Chinese President Xi Jinping.

When reporters asked if Xi had agreed to pressure Iran to reopen the Strait of Hormuz, the president replied, “We don’t need favors,” but that “we may have to do a little cleanup work,” without clarifying what he meant.

“We had a little monthlong cease-fire, I guess you’d call it, but we have a blockade that’s so effective, that’s why we did the cease-fire.”

China appears hesitant to get involved in the conflict, Al Jazeera reported.

Trump said the United States and China agree that the strait must be opened and the war must end. About half of China’s crude oil comes through the strait.

Araghchi said Iran would welcome Chinese diplomacy to help defuse the war with the United States.

“Any effort made by the Chinese to support diplomacy will be welcomed by the Islamic Republic of Iran,” he said at a press conference in New Delhi, India. He was attending the BRICS foreign ministers’ meeting.

But he also said that Iran considers itself as the protector of the strait.

Araghchi said on X that with Indian Foreign Minister Subrahmanyam Jaishankar, he “clarified that Iran will always carry out [its] historical duty as protector of security” in the Strait of Hormuz.

He added that “all friendly nations” can “rely on safety of commerce.”

Following his visit with Xi, Trump also said he is considering removing sanctions on Chinese companies that have been buying Iranian oil as the war and high gas prices linger.

“I’m going to make a decision over the next few days. We did talk about that,” Trump said on Friday.

U.S. Energy Secretary Chris Wright told CNBC Friday that China will likely buy more oil from the United States.

“I suspect we’ll see a growth in their oil imports from the United States,” Wright said.

“But ultimately, the world needs to get the Persian Gulf open. Iran’s attempt to hold the whole world hostage, people know it’s temporary.

“One way or the other, we will see an end to the Iranian nuclear program and we will see free flow of traffic through the Strait of Hormuz. That can happen relatively rapidly with an agreement with Iran,” he said.

April 29 (UPI) — The United States has sanctioned 35 entities and individuals accused of overseeing a shadow-banking network that moved tens of billions of dollars for Iran, as the Trump administration flexes Washington’s financial might amid a stalemate in peace negotiations with Tehran.

The sanctions announced Tuesday come as U.S.-Iran peace negotiations came to a halt last week after Tehran said it would not participate in talks until the United States lifted its blockade of sea-based trade to the Middle Eastern nation.

Those blacklisted by the Treasury include several private companies known as rahbars, which manage thousands of overseas companies used by Iranian banks cut off from the international financial system to execute payments for Iranian trade.

According to the Treasury, these rahbar companies coordinate with Iranian exchange houses and front companies to conduct international trade on behalf of the Islamic Revolutionary Guard Corps, Iran’s Armed Forces General Staff, the National Iranian Oil Company and other sanctioned entities.

“By dismantling these financial channels, we advance the administration’s policy in the conflict with Iran and underscore our commitment to imposing maximum pressure on Iran,” State Department spokesman Thomas Pigott said in a statement.

The punitive action was part of what the Treasury calls Operation Economic Fury, a branded escalation of President Donald Trump‘s broader maximum-pressure campaign against Iran.

Coinciding with the sanctions on Tuesday, the Treasury’s Office of Foreign Assets Control issued an alert to financial institutions over the risks they face for doing business with so-called teapot oil refineries in China, primarily in Shandong Province, that import and refine Iranian crude oil.

According to the alert, China is the largest purchaser of Iranian oil, and the Treasury has designated multiple small China-based refineries since March of last year.

“The United States will further disrupt illicit funding streams that finance Iran’s malign activities,” Pigott said.

“We will not relent in our efforts to deny Iran and its proxies the resources they use to threaten U.S. interests and regional stability.”

Trump first employed the maximum-pressure campaign strategy to coerce Iran into negotiations over its nuclear program in 2018 after unilaterally withdrawing the United States from a landmark multinational accord that sought to prevent Tehran from obtaining a nuclear weapon.

Iran then breached its commitments under the deal, enriching uranium up to 60%, far exceeding the accord’s 3.67% but below weapons-grade levels.

Trump restored the maximum-pressure campaign after returning to office in 2025, and the United States bombed three major Iranian nuclear facilities that June.

The United States and Israel have since escalated their pressure campaign, attacking Iran in strikes that triggered a war now halted by a fragile cease-fire to permit peace talks.

Iran has imposed restrictions on energy trade through the Strait of Hormuz, prompting the United States to impose a blockade of Iran’s ports in response to what it describes as Tehran holding a major share of the world’s energy supplies hostage.