Iranian Foreign Ministry spokesperson Esmail Baghaei said Tuesday that while substantial progress has been made in negotiations with the United States, no agreement to end the current conflict is imminent. Speaking at a news briefing, Baghaei stated that conclusions have been reached on many issues under discussion, but cautioned that this does not mean a deal will be signed soon.

The talks appear focused on reopening the Strait of Hormuz, a critical shipping corridor for global oil supplies. Secretary of State Marco Rubio indicated Monday that a deal with Tehran remains possible, though both U.S. and Iranian officials are tempering expectations about immediate results.

Financial markets responded positively to news of the diplomatic progress. Oil prices fell sharply on optimism about a potential agreement, while global stocks advanced. European natural gas prices dropped 5% on hopes that the strategic waterway could reopen. The dollar weakened against other currencies as investors anticipated reduced regional tensions.

President Trump faces criticism from Republican lawmakers over the negotiations, with some party members expressing concern about potential concessions to Iran. Representative Thomas Massie warned that the administration's approach could alienate key voter constituencies, including fiscal conservatives and those opposed to foreign military engagements.

The ongoing conflict has strained global supply chains, particularly affecting weapons stockpiles that require tungsten for replacement - a metal largely controlled by China. Airlines and shipping companies continue to adjust routes around the affected region, while energy markets remain volatile pending the outcome of diplomatic efforts.

Both sides acknowledge significant disagreements remain on key issues, suggesting negotiations could continue for an extended period before any final resolution is reached.