Iran FM Rejects Talk of Flexibility on Nuclear Issue, Restates Hormuz Condition

The messaging matters more than the substance here: Tehran is closing off the appearance of a negotiating opening on the nuclear file while tying Hormuz to conditions it declines to spell out. That combination keeps two separate risk channels live at once — proliferation diplomacy and Gulf shipping — without giving markets anything concrete to price. For energy and freight desks, the vagueness is the point: ambiguity preserves leverage. Whether the stated conditions are ever detailed publicly, or surface only through intermediaries, is the open question worth tracking.