Trump administration officials say Iran is miscalculating by expecting rising US prices or the November midterm elections to weaken President Donald Trump’s negotiating position. Washington maintains that economic pressure and US control of the Strait of Hormuz give it leverage, while warning that preventing Iran from obtaining a nuclear weapon outweighs the domestic cost of higher energy prices.

Three hours of talks between US and Iranian officials were described as positive but produced no immediate breakthrough. US petrol prices reached a record seasonal average of $4.49 per gallon, compared with $3.16 a year earlier, while nearly 40 million barrels of oil reportedly passed through Hormuz in 48 hours. Iran has proposed a seven-day plan to restore passage through the strait if certain conditions are met, followed by broader negotiations.