Vance Contacts Iran as Mediators Discuss Ceasefire

Oil prices fell after reports that Vice President JD Vance, with President Donald Trump’s approval, contacted Iranian security official Mohsen Rezaei about resuming negotiations. Trump denied ordering peace talks and described the letter as focused on delivering medical supplies; the outreach put Iran’s nuclear program on the agenda but did not include a detailed peace proposal. Regional mediators are discussing proposals for a ceasefire, reopening the Strait of Hormuz and possible nuclear monitoring in exchange for sanctions relief, while Tehran has demanded an end to the U.S. naval blockade and the release of frozen assets. Iranian officials have disputed whether the latest proposal is acceptable. Diplomacy continues amid the prospect of renewed U.S. strikes after the Nov. 3 midterm elections, leaving the chances of a deal uncertain.