U.S. President Donald Trump delivers the State of the Union address to a joint session of Congress in the House of Representatives at the Capitol in Washington, DC, on February 24, 2026. President Trump made the speech days after the Supreme Court struck down his administration’s tariff strategy and as a U.S. military buildup in the Persian Gulf threatens Iran.
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The United States and Iran are poised to hold further nuclear talks in Geneva, Switzerland, on Thursday amid persistent concerns about possible military action in the oil-rich Middle East.
The next round of negotiations over the future of Tehran’s nuclear program comes as the United States continues its military buildup in the region and President Donald Trump warns of “bad things” if Iran doesn’t agree to the nuclear deal.
The U.S. president spoke briefly about Iran during his nearly two-hour State of the Union address Tuesday, but focused primarily on domestic policy and other political issues.
“We’re negotiating with them. They want a deal, but I haven’t heard the secret words: ‘We will never have nuclear weapons,'” Trump said.
“My hope is to resolve this issue through diplomacy. But one thing is for sure: we will never allow the world’s largest sponsor of terrorism to acquire nuclear weapons.”
For some, the comments raised hopes of an imminent diplomatic breakthrough.
George Pollack, a U.S. policy analyst at Signum Global Advisors, said President Trump “basically wants a winning perspective, and that’s why he talks about why he ended eight wars. I think it’s clear he hasn’t done that. He’s helped get through skirmishes and things like that, but he hasn’t ended these conflicts.”
“I think what’s important to him is the power of the United States, how we’re going to use our power and try to make the world more peaceful, but that’s more of a cosmetic issue than a substantive policy,” Pollack told CNBC’s “Europe Early Edition” on Wednesday.
“That’s why we think this Thursday’s talks will probably be successful and provide further diplomatic opportunities,” he added.
On February 24, 2026, the aircraft carrier USS Gerald R. Ford anchors in Souda Bay, Crete, Greece.
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But for other countries, the lack of a deal means military action seems more likely and increasing.
“President Trump’s deadline for Iran is likely to be 10-15 days, ultimately in early March,” strategists at Dutch bank ING said in a note released Wednesday.
“This uncertainty means that markets continue to price in large risk premiums and remain sensitive to new developments,” they added.
Iran FM: Deal ‘within reach’
Iran has been vocal about the prospect of a deal this week, saying it is “within reach.”
Iranian Foreign Minister Abbas Araghchi said on social media on Tuesday that his country would resume talks with the United States in Geneva this week “with a determination to reach a fair and impartial agreement in the shortest possible time.”
Araghchi added: “Our fundamental beliefs are clear: Iran will not develop nuclear weapons under any circumstances, and we Iranians will never renounce our right to harness the benefits of peaceful nuclear technology for the benefit of our people.”
A vehicle drives on a main road near Tehran’s landmark Azadi (Freedom) Tower on February 23, 2026. The 45-metre marble-clad Azadi Tower, formerly known as the Shahiyad Tower, was commissioned by Mohammad Reza Pahlavi, the last Shah of Iran, to commemorate the 2,500th anniversary of the founding of the Persian Empire. Completed in 1971. It was built at the westernmost entrance to the city of Tehran.
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Oil prices traded near seven-month highs on Wednesday morning as energy market participants continued to monitor potential supply disruptions.
international benchmark brent crude oil Futures for April delivery rose 0.6% to $71.13 per barrel. West Texas Intermediate Futures April delivery rose 0.6% to trade at $66.02.
Iran, a member of OPEC, is a major player in the global oil market, producing more than 3 million barrels of crude oil per day.
The Islamic Republic recently conducted military exercises in the strategically important Strait of Hormuz, as well as joint naval exercises with Russia in the Gulf of Oman, also known as the Sea of Oman.
