Iran signals US dialogue opening as nuclear review advances

Iranian Foreign Minister Abbas Araghchi described an official letter from US Vice President JD Vance as a positive step toward resuming bilateral dialogue, as energy markets monitored developments on Saturday, Oct. 31.

The communication marks the first direct diplomatic channel between Washington and Tehran under President Donald Trump's administration, creating room for structured negotiations on regional security and sanctions enforcement.

Mediators submit nuclear framework proposals

Speaking during an official briefing in Tehran, Araghchi said Iranian authorities entered the second phase of evaluating draft proposals delivered by international mediators. The negotiating framework addresses verification protocols alongside phased economic measures, following months of stalled multilateral diplomacy among regional intermediaries.

Crude oil markets held steady after the remarks, with Brent crude futures settling near $74 a barrel following a 2.4% decline over the prior five trading sessions. Energy analysts said sustained diplomatic progress could erode the regional supply-risk premium that has elevated commercial shipping and war-risk insurance costs across the Persian Gulf throughout this year.

International mediators have requested that Tehran deliver its written assessment of the proposals before a scheduled diplomatic review session on Nov. 12 in Geneva, marking the next milestone for potential bilateral talks.