US-Iran negotiations: Is Trump going to “take Iran’s oil”?

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As of 31 March 2026, the United States and Iran are engaged in a high-stakes, indirect diplomatic process to end the month-long war that began on 28 February 2026.

While US President Donald Trump maintains that negotiations are “going extremely well,” Iranian officials officially deny that direct negotiations are taking place, describing the exchanges as the mere relaying of messages through intermediaries, as reported by Al Jazeera and others.

According to multiple reports, the two sides are currently reviewing competing frameworks for a ceasefire and a broader settlement. Diplomatic activity is centered in Pakistan, which is hosting high-level talks with representatives from Turkey, Egypt, and Saudi Arabia to bridge the gap between Washington and Tehran. 

What are the two competing frameworks?

As reported by the New York Times, the US has sent a 15-point plan to end the conflict. Transmitted via Pakistan, this proposal reportedly demands a 30-day ceasefire, the full dismantling of Iran’s nuclear enrichment facilities (Natanz, Fordow, Isfahan), a handover of enriched uranium stockpiles, and an end to support for regional proxies.

The President claimed on 29 March that Iran has agreed to “most of” these points, citing the release of 20 oil tankers through the Strait of Hormuz as a sign of good faith. Pakistan’s Deputy Prime Minister Ishaq Dar made the same announcement on X.

This follows President Trump’s earlier revelation that Iran had allowed 10 oil tanks to pass the Strait as a “present” and to show they are serious in negotiating.

Tehran has rejected the US plan as “excessive and unrealistic,” putting forward its own conditions including a permanent end to military aggression, war reparations, and international recognition of its sovereignty over the Strait of Hormuz.

Who is the US really negotiating with on the Iranian side?

In a series of statements as of March 30 to 31, US President Donald Trump confirmed that the US has been in negotiations with Mohammad Bagher Ghalibaf (also spelled Qalibaf), the speaker of the Iranian parliament.

In an interview with the New York Post, Trump stated he would know “in about a week” if Ghalibaf is someone the US can truly work with, though he described the new Iranian leadership as “much more reasonable” than previous officials.

Speaker Ghalibaf and the Iranian Foreign Ministry have repeatedly denied that any direct negotiations with the US are taking place. Ghalibaf dismissed the claims on social media, accusing the US of promoting “desires as news”.

Is Trump going to “take Iran’s oil”?

In a 29 March interview with the Financial Times, Trump stated his “preference would be to take the oil” rather than just destroying it. Trump described the island as a “small” and poorly defended target that could be “easily” taken.

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Is military escalation on the cards?

Negotiations are proceeding against a backdrop of continued military operations. Israel continues to strike military targets across Iran, while Tehran has targeted regional energy facilities in Kuwait and Israeli infrastructure.

The ongoing closure of the Strait of Hormuz has caused global energy prices to surge, with US petrol prices rising by over $1 per gallon since the start of the conflict. Trump has threatened to “obliterate” Iranian oil infrastructure, including Kharg Island, if a deal is not reached shortly. 

This rhetoric coincides with a massive military buildup in the Middle East. Reports from The Washington Post and CNBC indicate the Pentagon has deployed thousands of US Marines and soldiers from the 82nd Airborne Division, specifically trained for ground operations that could include seizing and holding territory like Kharg Island.

While Trump claims negotiations are going “extremely well,” analysts view his intensifying rhetoric as an attempt to prevent the war from becoming a long-term “quagmire” before his self-imposed four-to-six-week deadline.

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Key widely reported facts from verified sources including NYTimes, Financial Times, The Washington Post, Al Jazeera, Reuters, CNN, APNews, NBC News, Bloomberg, CNBC, The Times of Israel

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Timeline

Feb 28: Combined US-Israeli airstrikes hit Iranian military and civilian infrastructure.
Yemen’s Houthi rebels resume attacks on Red Sea shipping.

Mar 2: IRGC officially declares the Strait of Hormuz closed, threatening to “set fire” to any vessel attempting passage.

Mar 3: Global energy markets react as shipping effectively halts; European natural gas prices surge by over 100% after a drone strike on Qatar’s Ras Laffan LNG facility.

Mar 5: Maritime insurance providers cancel war risk coverage for the Persian Gulf, making transit economically unviable for most commercial carriers.

Mar 8: Brent crude oil prices surpass $100 per barrel for the first time since 2022 as supply disruptions intensify.

Mar 9: G7 finance ministers meet to discuss releasing strategic reserves; the proposal is initially met with caution by some members.

Mar 10: The IEA calls an extraordinary meeting of its 32 member states to assess the supply crisis.

Mar 11: IEA member countries unanimously vote to release 400M barrels of oil, the largest in history.

Mar 13: US conducts a massive bombing raid on Iran’s primary oil terminal, Kharg Island.

Mar 14: A senior Iranian official tells CNN that Tehran may allow a limited number of tankers to pass the Strait of Hormuz, but only if the oil is traded in Chinese yuan, directly challenging the US dollar’s role in global energy.

Mar 15: President Trump first called for an international naval coalition to guard the Strait.

He also claimed that Iran was “desperate” for a deal and wanted to negotiate a ceasefire. On March 15 and 16, Iranian Foreign Minister Abbas Araghchi refuted these claims.

Israeli PM Netanyahu releases a video from a Jerusalem café to show “proof of life”.

Mar 16: NATO allies and other key international partners officially declined President Trump’s request for warships.

Iran launches a drone and missile swarm at the Fujairah Oil Industry Zone in the UAE.

For the first time in the conflict, Iran fires ballistic missiles at Qatar, targeting areas near U.S. Al-Udeid Air Base.

A drone strike on a fuel depot near Dubai International Airport forces a five-hour suspension of all flights, paralyzing one of the world’s most critical transit hubs.

Mar 17: On the Persian New Year, Netanyahu addresses the Iranian people directly, stating that the “light of freedom” is coming, while simultaneously launching the heaviest bombardment of Tehran’s government district to date.

Israel confirmed the “elimination” of two of the most powerful figures, Ali Larijani and Gholamreza Soleimani, in the Iranian regime during precise strikes in Tehran.

Mar 18: Israeli airstrikes hit South Pars and the Asaluyeh hub in Iran.

Iran retaliates by firing ballistic missiles and drones at Gulf energy hubs.

Mar 19: President Trump warns Iran he will “massively blow up” the rest of South Pars if they strike Qatar again.

Trump publicly states he told PM Netanyahu to stop hitting Iranian energy sites to prevent further global oil spikes.

Netanyahu confirms Israel acted alone on South Pars but agrees to “hold off” on energy targets per Trump’s request.

Mar 20: Iran reportedly fired two ballistic missiles at the US-UK base in Diego Garcia.

The British government updated its policy to allow the US to use Diego Garcia for “specific and limited defensive operations” to degrade Iranian missile sites.

Qatar expels Iranian military attaches. The UAE suspends operations at the Habshan and Bab fields for safety.

China bans exports of refined petroleum to secure its own domestic supply.

Mar 21: Iran targets the Israeli towns of Arad and Dimona; over 100 civilians are injured and threatens to permanently close the Strait of Hormuz.

Trump gives Iran 48 hours to guarantee the Strait stays open or face the destruction of its national power grid.

Mar 22: The US State Department issues a worldwide “increased caution” alert for citizens.

Reports emerge of Russia providing satellite intelligence to Iran to help bypass regional missile defenses.

Reports confirm fires at Kuwait’s Mina Al-Ahmadi refinery and Saudi facilities in Riyadh following missile interceptions.

Mar 23: Trump announced a five-day moratorium on the planned strikes, to allow time for ongoing negotiations that could lead to a “complete and total resolution” of hostilities.

Mar 25 to 27 : Satellite imagery confirms Iran is moving ground troops and mines to Kharg Island to prevent a U.S. seizure.

Mar 29: Trump reveals the 15-Point Plan via Pakistan and suggests his “preference would be to take the oil” rather than destroy it.

Mar 30: Trump issues a final ultimatum to “obliterate” all Iranian energy facilities if the Strait of Hormuz is not reopened “shortly”.

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