Iran talks exclude IRGC, raising doubts over potential agreement

A Gulf official has informed CNN that the Iranian delegation involved in the U.S.-Iran negotiations does not include representation from the powerful Islamic Revolutionary Guard Corps (IRGC). This absence is significant as the IRGC’s approval is necessary for any provisional agreement. The talks, aimed at resolving tensions and potentially establishing a framework affecting the Strait of Hormuz and sanctions, are being conducted through indirect channels with mediators like Qatar and Pakistan. The official also mentioned a 50:50 chance of a deal being reached by Friday, reflecting ongoing uncertainties in the process. Key Takeaways The absence of the IRGC in the Iranian delegation appears to suggest potential internal approval challenges for any provisional agreement. Market pricing suggests optimism remains subdued, with a 1.4% probability for a deal by August 13, 2026, indicating cautious sentiment among market participants. The Gulf official’s 50:50 deal likelihood could indicate a shift in negotiation dynamics, possibly affecting market expectations. What to Watch Observers will be keenly watching for any statements from the IRGC or Iran’s Supreme Leader, Ayatollah Ali Khamenei...