Iran says it ‘has no plans to negotiate with US’ despite Trump claims – US politics live

Billy Odell Tucker-Robinson Founder & Host — Banking With Billy Network • Financial Intelligence • Markets • World News • Independent Analysis
Published: 2026-09-28 • Permanent link

Diplomatic tensions escalated between Iran and the US after Iranian officials stated that they have no intention of negotiating with the US, despite President Trump's claims that talks would resume. The comments came a day after Trump rejected Iran's proposal to reopen the Strait of Hormuz, a vital waterway for global oil supplies. The news sent shockwaves through the financial markets, with oil prices plummeting by 3% in response to the heightened tensions. The US dollar also saw a significant spike, reaching a one-year high against the euro.

Consequences of this diplomatic standoff will be far-reaching, affecting not only the energy sector but also the broader economy. Investors are bracing themselves for a potential escalation, with many predicting a sharp increase in volatility in the markets. The US Federal Reserve has already taken notice, with Chairman Jerome Powell warning of the potential risks to global economic stability. As a result, consumers can expect higher energy costs and potentially more expensive goods, leading to a decline in economic growth.

The roots of this conflict date back to the 1979 Iranian Revolution, when the US supported the overthrow of the Shah and the establishment of the Islamic Republic. Since then, tensions have ebbed and flowed, with periods of relative calm punctuated by outbreaks of violence. The current standoff is reminiscent of the 1980s, when the US and Iran engaged in a bitter dispute over the US embassy in Tehran. Experts warn that the situation could deteriorate further, leading to a full-blown crisis.

As the situation continues to unfold, investors are keeping a close eye on developments. The US government has already imposed sanctions on several Iranian officials and entities, and there are rumors of further measures being taken. The International Atomic Energy Agency (IAEA) is also set to meet next week to discuss the latest developments in Iran's nuclear program. With the clock ticking, all parties involved are holding their breath, waiting to see how this crisis will play out.