Top story on Bloomberg tonight:

Iranian officials have privately expressed pessimism about reaching a deal to end hostilities with the US and reopen the Strait of Hormuz before the midterm elections in November, according to people familiar with the matter.

Iran and the US made little progress during talks in New York at the United Nations General Assembly last week and Iran believes there’s a high chance of the conflict escalating after the Nov. 3 vote, according to the people, some of whom were briefed by Iranian officials.

The main mediators are seeking something different from the Memorandum of Understanding signed by Iran and the US in mid-June.

The US has told mediators it wants Iran to make firm commitments on reopening the strait this time around and to make concessions regarding its nuclear program, two of the people said.

Iran officials have consistently said they are willing to pursue diplomacy but do not trust Donald Trump to abide by the terms of any agreement. The White House has similar feelings of distrust toward Tehran and Trump has previously said he doubts any deal can be reached before the midterms. 

There will not be a deal with Iran unless issues regarding the country’s nuclear program are addressed, according to one US official. Trump is willing to give Iran sanctions relief and release frozen funds in exchange for concrete progress on nuclear, the official said.

With @FionamMacDonald @S_Elwardany @SamyAdghirni: https://www.bloomberg.com/news/articles/2026-09-28/iran-officials-pessimistic-about-deal-with-us-before-midterm