US-Iran Talks in Geneva: Progress but No Breakthrough; Technical Meetings in Vienna from Monday

The third round of indirect talks between the US and Iran in Geneva, held on February 26 under Omani mediation, concluded without an announced agreement but with a promise of continuation. Omani Foreign Minister Sayyid Badr al-Busaidi reported "significant progress" and indicated that the parties would return to negotiations after consultations in their capitals. Iran announced that technical talks involving IAEA experts would begin in Vienna next week. Tehran, through Minister Abbas Araghchi, described the round as the most intense and serious to date, while some reports from the US described disappointment among American envoys. Sources cited in several reports stated that Washington had demanded the closure of key facilities (including Fordow, Natanz, and Isfahan), a permanent end to uranium enrichment, and the transfer of enriched uranium stockpiles, while allowing only limited civilian activity. Iran responded that success requires "realism" from the other side and moving away from "excessive demands," and also emphasized that the lifting of economic sanctions remains a condition for any deal. „"Questa sessione di negoziati è stata la più intensa mai avuta finora"” — Abbas Araghchi„"Nous avons fait de très bons progrès et abordé très sérieusement les éléments d'un accord, tant dans le domaine nucléaire que dans celui des sanctions"” — Abbas Araghchi March 1–6 — Trump's ultimatum deadline The talks were overshadowed by the threat of escalation, as President Donald Trump set a deadline for reaching an agreement by the end of the first week of March and did not rule out the use of force. Vice President JD Vance argued in an interview that a potential attack would not necessarily mean a long war, although some analyses pointed to difficult-to-assess regional risks. According to one account, Omani representatives were considering a visit to the US to lower the probability of conflict. Iran simultaneously maintained its position that it does not seek nuclear weapons, citing the fatwa of the Supreme Leader, while the US and Israel maintained that Tehran is developing military capabilities. Markets reacted to diplomatic and military signals: oil prices fluctuated, and in some reports rose near multi-month highs. Oil Prices After Geneva Talks: Brent: 71.24, WTI: 65.70 The dispute over Iran's nuclear program has been escalating since the beginning of the 21st century, when secret elements of nuclear infrastructure were revealed. In 2015, a multilateral agreement was signed limiting some of Iran's activities in exchange for the lifting of some sanctions, followed in subsequent years by its erosion and mutual accusations of violations. Since then, negotiations have returned in waves, usually against the backdrop of military tensions in the region. The coming weeks will determine whether the parties can reach at least a framework agreement: some reports emphasized "progress" and the will for further diplomacy, while others highlighted the lack of a breakthrough and disagreements over the inclusion of non-nuclear topics, including Iran's missile program. Key Dates in US-Iran Talks: February 26, 2026 — Third Round in Geneva; February 27, 2026 — Announcements of Continuation; March 2, 2026 — Planned Technical Talks