Rubio says deal possible within days as explosions rock strategic port city near Hormuz

Even as American warplanes struck targets in southern Iran, US Secretary of State Marco Rubio said on Tuesday that a deal with Tehran remains possible, suggesting that diplomacy and military action may be running on parallel tracks.

"There were some talks going on in Qatar today, so we'll see if we can make progress," Rubio told reporters in Jaipur, where he is on an official visit to India. He acknowledged that negotiators are haggling over "specific language in the initial document," adding that a breakthrough could take "a few days."

The comments came just hours after the US military confirmed fresh "self-defence" strikes in southern Iran, targeting missile launch sites and boats allegedly attempting to lay mines near the strategic Strait of Hormuz.

Explosions Rock Bandar Abbas

Multiple blast reports emerged from the southern Iranian port city of Bandar Abbas, a critical naval hub along the strait. Iran's Islamic Revolutionary Guard Corps acknowledged three explosions early Tuesday local time, without immediately specifying the cause.

A later IRGC statement said air defence systems had been activated near Bandar Abbas airport after another blast was heard. State-run IRNA reported "several consecutive explosions" around midnight, while Fars News Agency, citing eyewitnesses, said blasts were also heard near Sirik and Jask along the Persian Gulf coastline.

US Central Command spokesman Timothy Hawkins described the operation as defensive. "US forces conducted self-defence strikes in southern Iran today to protect our troops from threats posed by Iranian forces," he said.

Trump Raises Stakes on Nuclear Issue

Meanwhile, President Donald Trump injected fresh complexity into the diplomatic calculus, posting on Truth Social that Iran's enriched uranium stockpile must be handed over to the United States for destruction or dismantled under international supervision.

Trump described the material as "nuclear dust" and indicated the process would involve the Atomic Energy Commission "or its equivalent." The demand signals Washington is pushing for concrete nuclear rollbacks, not just ceasefire arrangements.

Tehran Strikes Cautious Note

Iranian Foreign Ministry spokesman Esmail Baqai acknowledged progress in talks with the US on Monday but warned against premature optimism. "It is correct to say that we have reached a conclusion on a large portion of the issues under discussion," Baqai said. "But to say that this means the signing of an agreement is imminent, no one can make such a claim."

Tehran has not formally responded to the latest American strikes, leaving observers uncertain whether the attacks will derail Qatari-mediated negotiations.

Oil Prices Jump on Renewed Fears

Crude oil prices climbed in Asian trading following the Bandar Abbas strikes. Brent crude rose nearly 2% to around $97 per barrel, while West Texas Intermediate approached $91 per barrel.

The Strait of Hormuz, through which roughly one-fifth of global oil supply passes, has been effectively disrupted since Tehran escalated its military posture in late February. Rubio struck a firm tone on the waterway's status. "The straits have to be open. They're going to be open one way or the other," he said.

The current conflict traces back to February 28, when the US and Israel launched large-scale strikes on Iran, triggering Tehran's retaliation against Israel and allied Gulf states. Despite the violence, Trump indicated over the weekend that he had instructed negotiators "not to rush into" an agreement, suggesting Washington is willing to let military and diplomatic tracks play out simultaneously.

Iran Ready for 'Negotiations with Dignity' as Araghchi Set to Visit India for BRICS Meet

Iranian President Masoud Pezeshkian on Monday signalled Tehran's willingness to pursue negotiations with the United States, but stressed these must be conducted with "dignity" and "authority." His remarks come amid heightened regional tensions and stalled diplomacy following a recent round of indirect talks.

Pezeshkian made the comments during a meeting with senior commanders of Iran's Faraja police force, where he reviewed their performance in what Iranian officials termed the "recent imposed war." According to the Iranian Students' News Agency (ISNA), he underlined that military achievements should now be backed by diplomatic efforts.

Araghchi Likely in New Delhi

In a related development, Iran's Foreign Minister Seyed Abbas Araghchi is expected to travel to New Delhi for the BRICS Foreign Ministers' Meeting scheduled for May 14-15. The visit assumes significance as India, a key BRICS member, maintains balanced ties with both Iran and Western nations.

Sources familiar with the arrangements indicated the Iranian delegation would use the platform to engage with counterparts on regional stability and multilateral cooperation. New Delhi has traditionally advocated for dialogue in West Asia.

Tehran Hits Out at US 'Unreasonable Demands'

Iran's Foreign Ministry spokesperson Esmaeil Baghaei sharply criticised the United States for what he described as "unreasonable demands" in ongoing discussions over a proposed 14-point framework aimed at ending hostilities. Speaking at a weekly press briefing, Baghaei said Iran had responded through Pakistani mediators with what it called a "reasonable and generous" proposal.

The Iranian response reportedly includes an immediate cessation of conflict on all fronts, lifting of the US naval blockade in the Strait of Hormuz, and guarantees against further attacks. Tehran has also sought the release of frozen assets and compensation for damages. US President Donald Trump dismissed the Iranian counter-proposal as "totally unacceptable."

"Whenever we are forced to fight, we will fight, and whenever there is room for diplomacy, we will seize that opportunity," Baghaei stated, adding that decisions would be guided solely by national interests.

Hormuz Tensions and International Moves

The diplomatic back-and-forth unfolds against persistent concerns over the Strait of Hormuz, a critical chokepoint for global oil trade. Iran has warned against deployment of British and French warships in the area, with Deputy Foreign Minister Kazem Gharibabadi asserting that security of the strait remains Tehran's responsibility.

Britain and France are co-hosting a Defence Ministers' meeting on Tuesday with representatives from over 40 nations to discuss restoring safe maritime traffic through the waterway.

Regional Spillover Continues

Meanwhile, clashes in southern Lebanon and exchanges involving Israeli forces added to the volatility. Israeli strikes were reported in areas like Nabatieh, while both sides traded accusations over drone activity near the border.

In parallel economic fallout, oil prices climbed further on Monday as uncertainty over a US-Iran deal persisted, while international gold prices saw some decline amid shifting safe-haven demand.

Background and Public Posture

The current round of indirect negotiations follows a period of intense military confrontation that Iranian officials maintain was imposed upon them. President Pezeshkian emphasised multiple pathways forward, including strengthened diplomacy to consolidate recent military gains.

Analysts note that Iran's firm yet open stance reflects both domestic pressures to safeguard sovereignty and a pragmatic recognition of the economic costs of prolonged isolation. The release of Nobel laureate Narges Mohammadi on bail for medical treatment also signals some internal easing, though broader tensions remain high.

As Araghchi prepares for New Delhi, observers will watch closely for any bilateral or multilateral signals that could open fresh channels. With Trump scheduled to engage Chinese leadership soon on related matters, the coming days may prove decisive in determining whether diplomacy gains ground or if escalation risks persist.

The situation remains fluid, with multiple stakeholders closely monitoring developments that could reshape security dynamics across West Asia and beyond.

Iran Faces Oil Storage Crunch as Diplomatic Push Stalls Over Nuclear Demands

Tehran’s 22-day oil storage limit adds pressure amid US blockade and rejected ceasefire proposals involving the Strait of Hormuz.

Iran could run out of space to store its crude oil in as little as 22 days if current production rates continue without exports, according to data analytics firm Kpler. The warning comes as Tehran insists the conflict with the United States and Israel is far from over, while diplomatic efforts through mediators like Pakistan show little progress.

The US naval blockade has severely restricted Iran’s ability to ship oil abroad, causing onshore inventories to build up rapidly. Analysts at Kpler noted that usable storage, including some floating capacity, might offer a buffer of around 12 to 22 days. Experts caution that prolonged output cuts could damage older oil wells by reducing natural reservoir pressure, making future extraction more difficult and costly.

Storage Crisis Deepens Under Blockade

The situation has worsened since the US imposed its counter-blockade on vessels heading to or from Iranian ports in mid-April. Oil exports have reportedly dropped sharply, leaving tankers and storage facilities under strain. Initial reports indicate Tehran may soon face the choice of further slashing production, already down significantly from pre-conflict levels.

Local oil industry sources, speaking on condition of anonymity, described the mounting challenge in southern terminals near Bandar Abbas. “Facilities are filling faster than expected,” one industry watcher familiar with the data said. Any extended shutdown risks long-term harm to infrastructure that has already suffered from years of sanctions and now direct conflict-related disruptions.

Tehran Warns Conflict Not Over

Despite a fragile ceasefire in place since early April, Iranian officials maintain that war-like conditions persist. Army spokesman Mohammad Akraminia stated clearly that the military does not consider the war ended. Security agencies continue constant monitoring, with warnings of responses using “new weapons, new methods, and on new fronts” should fresh attacks occur.

Iranian Foreign Minister Abbas Araghchi has been active on the diplomatic front, making his third visit to Pakistan in quick succession before heading to Russia. In Moscow, he met President Vladimir Putin to discuss strategic ties and the regional situation. Russia has criticised the US and Israeli strikes, calling them a threat to international order.

Diverging Proposals on Hormuz and Nuclear Issues

At the heart of the deadlock are differing priorities over the Strait of Hormuz and Iran’s nuclear programme. Iran’s latest proposal, conveyed through Pakistani channels, called for three main steps: an immediate end to hostilities with guarantees against further attacks, lifting the US blockade and reopening the strait to restore shipping, and deferring complex nuclear questions to a later stage.

US President Donald Trump has rejected this approach, insisting that nuclear concerns cannot be sidelined. According to reports, the Trump administration views any reopening of the strait without addressing enrichment and uranium stockpiles as weakening its negotiating position. Washington prefers tackling both issues simultaneously.

Iran had earlier suggested a phased nuclear rollback — complete stop to enrichment for five years, followed by limited civilian use, with part of its stockpile moved to Russia under supervision. That too was turned down. Sources familiar with the talks said Iran is now preparing a fresh proposal, though it needs time for internal consultations, including with the Supreme Leader.

Trump has publicly claimed Iran is nearing collapse and urged quick reopening of the strait. In recent social media posts, he described Tehran as being in a “state of collapse,” while reiterating that the US will not allow Iran to acquire nuclear weapons.

Oil Markets React to Prolonged Uncertainty

Global oil prices continued their upward trend on reports of the extended US blockade. Brent crude futures rose modestly in early trading, reflecting concerns over disrupted supplies from the key Gulf region. The Panama Canal has seen increased traffic as shippers reroute to avoid the troubled Strait of Hormuz.

Qatar’s Foreign Ministry described the use of the strait as a “political weapon” as unacceptable, calling for de-escalation to protect regional stability and global energy flows.

Regional Ripple Effects

Tensions extend beyond the strait. In southern Lebanon, Israeli forces reported operations against Hezbollah infrastructure, while the group claimed drone attacks on Israeli positions. Separate incidents in the occupied West Bank saw arrests and clashes. France paid tribute to its peacekeepers killed in Lebanon, with President Emmanuel Macron attributing responsibility to Hezbollah.

Germany’s Chancellor Friedrich Merz questioned aspects of US strategy, prompting a sharp response from Trump, who accused him of misunderstanding the nuclear threat. Meanwhile, the US Treasury announced new sanctions on what it called Iran’s “shadow banking” network, aimed at further isolating Tehran’s financial channels.

Reza Pahlavi, son of Iran’s last Shah, urged continued pressure on the current government, suggesting targeted actions to encourage internal dissent.

What Lies Ahead

With storage limits approaching, Iran faces mounting economic strain that could force difficult choices on production and exports. Diplomatic shuttling continues, but deep differences over sequencing — ending the immediate blockade versus resolving nuclear issues — suggest talks may drag on.

Local authorities in affected Iranian regions are bracing for potential further cuts, while global markets watch closely for any breakthrough or escalation. Mediators in Islamabad and other capitals remain engaged, yet both sides appear unwilling to yield on core demands for now.

The coming days could prove decisive. If storage constraints tighten as projected, pressure on Tehran to compromise may grow, even as it warns of readiness for new responses. For now, the fragile ceasefire holds, but the risk of renewed disruption to one of the world’s critical energy arteries remains real.