Iran will not agree to end its war with the United States and Israel without “real” and comprehensive sanctions relief, Foreign Minister Abbas Araghchi said this week.

Tehran’s stated preconditions for any settlement include full sanctions relief, compensation for war damage, and an end to what it calls hostile actions — a stance reported across regional and international media.

The demands lay bare the gap between the two sides. Washington has tied any relief to limits on Iran’s nuclear and missile programmes, which Tehran refuses to accept.

Oil markets are watching closely: a Wall Street Journal survey this week put Brent at $90.22 a barrel in the fourth quarter, with forecasts of $120 if the conflict disrupts Gulf production further.

The war has also rattled financial markets, with the Bank of England citing the re-escalated conflict among factors raising the risk of a financial crisis.

With neither side budging, diplomats say the conflict is set to grind on — and energy prices with it.