Iran Turns Down Putin's Offer to Mediate Hormuz Conflict

The head of Tehran's top defense council has turned down a Russian offer to mediate the U.S.-Iran conflict, citing an expectation that Iranian negotiators will be better served to wait for more leverage. An American diplomatic contact had encouraged Russia to get involved, according to Fars News.

In a phone call with Russian President Vladimir Putin, Supreme National Security Council secretary Mohsen Rezaei declined the mediation offer. An official told Fars that one reason for the decision was the expectation that the price of oil could turn into a "heavier pressure lever" in the near future. Ultra-high Brent crude prices dropped by nine percent on the day after the U.S. midterm elections, reflecting an expectation of a swift conclusion to the war, but have since rebounded towards the $100-per-barrel mark as investors price in continued hostilities in the Strait of Hormuz. Rising oil prices mean more American public-opinion pressure to end the conflict, even on terms favorable to Iran - a pressure-point upon which Tehran has pinned its hopes, and which underlies its decision to stand firm on its conditions.

"Iran has previously emphasized that until the full realization of its seven conditions, it will not reopen the Strait of Hormuz and no negotiations will be conducted in this regard," Fars relayed.

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