The U.S. and Iran say a deal to end the war is close.
They are still fighting over two things. Both are deal-breakers.
Iran is reportedly talking with Oman about a payment system for the Strait of Hormuz. The strait is the narrow lane that moves about a fifth of the world's oil.
President Trump turned the idea down on Thursday. He said his team has "total control" of the strait and called it international and free.
Secretary of State Marco Rubio went further. He said a tolling system would be "unacceptable" and would make any diplomatic deal "unfeasible."
Iran's view is simple. It sits along the strait, and that gives it a reason to charge for passage.
A nearby pipeline run by the UAE that would bypass the strait is still under construction. So the choke point matters more than ever right now.
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Iran is sitting on a pile of near-weapons-grade uranium. Washington wants it out of the country before any deal is signed.
Tehran says the stockpile is for peaceful use only. The supreme leader, Ayatollah Mojtaba Khamenei, has reportedly told his team that the uranium stays put.
That leaves a deal-breaker right next to the Hormuz one. Both sides are saying these are the lines they will not cross.
Iran did say the latest U.S. proposal has "narrowed the gaps." Just not on the parts that matter most.
Tehran is working off a 14-point plan it sent the U.S. weeks ago. A state-linked news agency in Iran said this week that any more give from its side will require Washington to drop the threat of fresh strikes.
The uranium fight matters to oil traders too. A long stalemate keeps Hormuz shut, and that keeps the energy crunch going.
Trump said the war could end "in a few days" earlier this week. He also told reporters he is not thinking about Americans' money "even a little bit" as he tries to land a deal.
Meanwhile, the U.S. is still blockading Iranian ports. The USS Abraham Lincoln strike group is on duty in the Arabian Sea to enforce the line.
Pakistan's army chief, Asim Munir, traveled to Tehran on Thursday as part of the mediation effort. He joined Oman as a back-channel between the two sides.
Oil rallied this week on reports of the uranium directive. That came right after a brief dip on hopes the war was close to a wrap.
The IEA has warned the global oil market could enter the "red zone" by July as stockpiles run down.
The war on paper is in a ceasefire. The map says otherwise.
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