• There are no discussions with the US over extending ceasefire agreement
• From Iran’s perpsecitve, there is no ceasefire start date and therefore there is nothing to extend
• The US violated the agreement 48 hours after it was reached and withdrew from it a few days later
• One of the issues that is being discussed is the US returning back to conditions set out by the memorandum of understanding
• That means defining a timeframe for implementing its commitments
• However, there has been absolutely no progress on this issue

Earlier in the day, there were some murmurs and speculative reports that both sides were looking to extend the supposed ceasefire agreement that would’ve lapsed on 17 August. Even if not said officially before this, it is clear that both sides have walked away from that agreement long before today. That especially after constantly exchanging military strikes and also attacks along the Strait of Hormuz.

For some context, this was part of the 60-day arrangement set out by the memorandum of understanding at the end of June. But as Iran is now making it clear, this pact or whatever deal certainly doesn’t exist anymore.

Hence, there is nothing to “extend” when both sides are already not honouring the agreement.

The headlines here are giving a renewed lift to oil prices, with WTI crude up 0.2% to $83.35 after having hit lows of around $82.50 earlier in the session.

This article was written by Justin Low at investinglive.com.