Risk trades are diving on a report from N12 about Ghalibaf leaving the negotiating team.
Risk trades are diving on a report from N12 about Ghalibaf leaving the negotiating team. N12 is the digital news brand of Keshet 12, an Israeli free-to-air television channel If anyone in the market was still holding out hope for a diplomatic off-ramp in the Middle East, it might be time to worry.
We just got a pair of headlines out of Iran that paint a very stark picture of where things are heading, and it’s not toward de-escalation. First, Iranian President Pezeshkian took to X to completely torpedo the idea that there are any reformist voices left in the room. Remember, Pezeshkian was billed as the “moderate” when he took office.
Today? He’s explicitly saying there are no moderates or radicals left—just “complete obedience to the Supreme Leader.” He was thought to be a pragmatist but that doesn’t seem to be the thinking now. He wrote: In Iran, there are no radicals or moderates; we are all “Iranian” and “revolutionary,” and with the iron unity of the nation and government, with complete obedience to the Supreme Leader of the Revolution, we will make the aggressor criminal regret his actions.