Iran vows reciprocal US deal return
Analysis based on 7 articles · First reported Sep 01, 2026 · Last updated Sep 01, 2026
The renewed diplomatic overtures and threats between Iran and the US keep geopolitical risk elevated, particularly for oil markets given the Strait of Hormuz closure. Sanctions and trade ties between Russia and Iran, along with SCO cooperation, may affect energy and defense sectors.
At the Shanghai Cooperation Organisation summit in Bishkek, Iranian President Masoud Pezeshkian vowed that Iran would immediately take reciprocal action if the United States returns to the June deal aimed at ending their war. He warned that US 'pressure and threats' could derail diplomacy. Pezeshkian also thanked Russian President Vladimir Putin for Moscow's stance, calling their relationship strategic. Putin praised Iran's 'courage' and said Russia was providing needed assistance. The summit, attended by over a dozen leaders including Xi Jinping and Narendra Modi, took place amid ongoing US-Iran hostilities, with the Strait of Hormuz a key flashpoint. The US vowed to continue its pressure campaign against Iran's economy. The war began in late February with US and Israeli attacks that killed former supreme leader Ali Khamenei. Russia and Iran, both heavily sanctioned, have deepened military and trade ties. Putin also met with Turkish President Recep Tayyip Erdoğan, and highlighted the integration of new multilateral structures into a multipolar world.
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