Iranian President Masoud Pezeshkian said Tehran would return immediately to a June memorandum of understanding if Washington resumed its commitments, as he met Russian President Vladimir Putin amid escalating U.S.-Iran tensions, new sanctions threats and attacks near the Strait of Hormuz.
By yourNEWS Media Newsroom
Iranian President Masoud Pezeshkian said Tuesday that Tehran is prepared to return immediately to a June memorandum of understanding with the United States if Washington resumes its commitments under the agreement, offering a potential path back to a ceasefire as military and economic pressure on Iran intensifies.
Pezeshkian made the proposal as he met Russian President Vladimir Putin on the sidelines of the Shanghai Cooperation Organization summit in Bishkek, Kyrgyzstan.
The diplomatic overture came after President Donald Trump warned of potential additional strikes against Iran, describing the country as militarily depleted and increasingly squeezed by U.S. sanctions.
The June memorandum called for an immediate ceasefire followed by negotiations toward a broader peace agreement. The arrangement quickly unraveled, however, and the United States and Iran have since exchanged fire.
Regional tensions have also spread to one of the world’s most important energy corridors after two oil tankers carrying Saudi crude were struck by unknown projectiles near the Strait of Hormuz.
Putin said Tuesday that Moscow welcomed the original memorandum but regretted that the ceasefire proved so fragile.
Russia has maintained close ties with Tehran throughout the confrontation.
During his meeting with Pezeshkian, Putin said the Russian people stand in solidarity with Iran as the country fights for its interests, according to Russian state media. He also said Russia and Iran have continued their economic and trade relationship despite the current military and political environment.
Pezeshkian thanked Putin for Moscow’s position on the conflict and U.S. sanctions.
“We can resist U.S. unilateralism,” Pezeshkian told Putin, according to Russian state media.
The Iranian president also argued that the United States has no right to impose sanctions or violate international law.
His comments came as Washington prepared to further tighten financial restrictions on Tehran.
Bessent Says Additional Iranian Bank Sanctions Are Coming
Treasury Secretary Scott Bessent said Tuesday that the Trump administration expects to announce another sanction against an Iranian bank this week, followed by an additional bank sanction next week.
“We are probably going to announce a bank sanction this week, and we will announce one the week after,” Bessent said. “We are speaking to our allies here, who have all come forward, and we have had a great show of support.”
Bessent said the administration is also examining airline leasing companies as part of its effort to increase economic pressure on Iran.
The measures are part of Trump’s maximum-pressure campaign, which seeks to restrict the financial resources available to Iran’s military and its regional proxies while addressing concerns over Tehran’s nuclear and weapons programs.
Bessent has also warned countries and private companies that continued business with Iran could expose them to secondary U.S. sanctions.
Iran’s economy is already under severe pressure, with the Iranian rial falling to a record low as sanctions intensify.
Bessent said Tuesday that U.S. officials have held private discussions with China regarding Iran. He did not provide details of those conversations.
China is among the countries facing pressure from Washington over economic ties with Tehran.
Mast Calls Sanctions an ‘Economic D-Day’
House Foreign Affairs Committee Chairman Brian Mast, R-Fla., said the administration’s escalating sanctions campaign could be one of Washington’s most effective tools for forcing Iran to stop attacks against the United States and its allies.
Mast argued that China, Russia, Pakistan and Iran’s regional neighbors should face pressure to reduce commercial relationships with Tehran.
“You can’t do business with this entity that you’re saying is shooting ballistic missiles and drones at your refineries, at your ships, at your apartment buildings, everything else throughout the region,” Mast told reporters.
He also called for restrictions preventing countries from supplying Iran with components that can be used to manufacture drones and other weapons.
Countries that support freedom of navigation through the Strait of Hormuz should also participate in defending the waterway, Mast said.
“Iran, I don’t think ever once has given me a reason to ever trust them,” Mast said, calling for sustained economic pressure that would leave Tehran “forced to heel” rather than prolong what he described as “an endless war.”
Tanker Strikes Increase Pressure Around Strait of Hormuz
The diplomatic efforts unfolded as concerns intensified over shipping through the Strait of Hormuz, a narrow passage that normally handles roughly one-fifth of global oil supplies.
The Saudi-flagged supertanker Sidr and the Liberian-flagged Senegal Prosperity were reportedly struck by unknown projectiles within minutes of each other while traveling outbound through the waterway.
All crew members were reported safe.
No responsible party was identified in the information provided, although the incidents occurred amid the wider U.S.-Iran conflict and heightened fears of attacks on regional energy infrastructure.
Oman’s Sultan Haitham bin Tariq and Saudi Crown Prince Mohammed bin Salman exchanged proposals Tuesday intended to help restore peace in the region, according to Omani state television.
Oman has played a significant role as an intermediary between Washington and Tehran.
The tanker attacks have increased concerns that a prolonged confrontation could disrupt commercial shipping and force oil producers and transportation companies to rely more heavily on alternative routes.
Oil prices rose Tuesday as Trump warned Iran of possible additional military action.
Bessent Predicts Hormuz Could Lose Strategic Importance
Bessent argued that the Middle East may eventually reduce its dependence on the Strait of Hormuz by developing pipelines that bypass the waterway.
“In two years, the Strait of Hormuz will be a worthless piece of water,” Bessent told Larry Kudlow during the G20 finance ministers summit Tuesday.
His comments referred to efforts to construct or expand alternative oil transportation infrastructure that could reduce the strait’s role as an energy chokepoint.
For now, however, continued instability around Hormuz carries significant implications for global oil supplies and prices.
Trump Meets Oil Industry Leaders as Energy Concerns Grow
Trump also met Tuesday with U.S. refiners and distributors as his administration sought to expand domestic refining capacity and limit the effect of the Iran conflict on gasoline prices.
“President Trump is laser-focused on ensuring his successful energy dominance agenda translates into the most cost savings possible at the pump for consumers,” White House spokeswoman Taylor Rogers told FOX Business.
“As part of that commitment, the President will meet with industry leaders to collaborate on the best ways to increase refining capacity, further unleash American energy dominance across the entire supply chain, and bring down prices for the American people.”
The administration is also seeking additional sources of crude oil.
North American Blue Energy Partners is expected to take control of some Venezuelan oil fields previously operated by several Chinese companies and a Russian firm, according to two U.S. officials cited by Reuters.
The projects were among 14 contracts newly awarded to the U.S.-backed company, known as NABEP.
The company was previously owned by U.S. oil businessman Harry Sargeant and is now controlled by Venezuelan businessman Alejandro Betancourt.
“Venezuela is blessed with an abundance of natural resources, hardworking people and untapped potential,” Betancourt said in a statement confirming the transaction. “This transaction will unleash that potential to the great benefit of both Venezuelans and Americans.”
The administration is seeking to increase Venezuelan crude flows while simultaneously expanding U.S. refining capacity as instability in the Middle East threatens global supplies.
Moscow Backs Tehran While Supporting Return to MOU
Putin’s meeting with Pezeshkian highlighted Russia’s continued alignment with Iran even as Moscow publicly supported restoring the June ceasefire framework.
Putin said Russia had preserved its economic relationship with Tehran despite the military confrontation and mounting Western sanctions.
Pezeshkian, meanwhile, framed Iran’s partnership with Russia as part of a broader effort to resist U.S. influence.
His offer to return to the memorandum puts the next diplomatic move partly on Washington, with Tehran saying it would resume compliance if the United States did the same.
At the same time, the continuing military exchanges, tighter U.S. sanctions and instability surrounding the Strait of Hormuz illustrate the obstacles facing any renewed ceasefire.
Trump has continued to urge a broader peace while maintaining the threat of additional military action, and his administration is simultaneously increasing economic pressure intended to restrict Tehran’s ability to finance its military activities.
Putin acknowledged the same underlying problem Tuesday: although Moscow welcomed the original agreement between Iran and the United States, the ceasefire that followed proved unable to withstand the continuing confrontation.
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