Iranian lawmaker says deal with US is close, sees potential for energy investment

Iranian methanol exports to China could come under US scrutiny after Washington warned of secondary sanctions on Iranian oil and petrochemicals buyers, Bloomberg reported on Tuesday.

About 40% of China’s methanol imports — some 5.2 million tons in 2024 — came from Iran, data from shipping analytics firm Kpler shows.

Methanol, used to produce plastics, is a key feedstock for China’s methanol-to-olefin (MTO) plants, which are major buyers of Iranian cargoes, according to ICIS, a global market intelligence firm.

"Iranian methanol is almost the only efficient way for coastal MTO units to get enough supply," said Ann Sun, senior analyst at ICIS.

US President Donald Trump last week said countries or firms that buy Iranian oil or petrochemicals could face immediate sanctions. The US has already targeted Iranian energy exports and Chinese refineries allegedly involved in such trade.

Although some Iranian methanol reaches China via third countries like the UAE or Oman, further sanctions could disrupt flows.

The United States is working to schedule the fourth round of nuclear talks with Iran for this weekend, Axios reporter Barak Ravid reported citing White House envoy Steve Witkoff.

“If it doesn’t happen, it’s only because of the president’s trip to the Middle East,” Witkoff said.

Describing the negotiations as positive, Witkoff added, “We are making some progress. I hope it is moving in the right direction. The president wants to see this solved diplomatically if possible, so we’re doing everything we can to get it going.”

The man, whose family reportedly owns prominent businesses in Iran, is described as “very well connected” to Tehran’s leadership.

His arrest was part of a coordinated national operation involving Counter Terrorism Policing and UK Special Forces that resulted in raids across several cities, including London, Rochdale, Manchester, Stockport, and Swindon, according to the Met Police.

Authorities believe the group was just hours away from launching an attack on what police described as a “specific premises.”

Four of the men, aged between 29 and 46, continue to be held under the Terrorism Act 2006 after police secured extended detention warrants. A fifth man, aged 24 and arrested in Manchester, has been released on conditional bail.

The potential involvement of the Iranian suspects in a plot marks a concerning shift in Iran’s tactics, which have typically relied on criminal proxies to carry out operations abroad.

This case, if confirmed, could point to a more direct engagement in overseas activities by Iranian nationals themselves.

Commander Dominic Murphy, head of the Met’s Counter Terrorism Command, said the investigation remains in its early stages but stressed its complexity and national scale.

“We are working incredibly hard, with public safety at the forefront of our ongoing efforts,” he said, urging the public to avoid speculation and report any suspicious activity.

Home Secretary Yvette Cooper praised the work of security services, calling it one of the most significant counter-terrorism and counter-state threat operations in recent years.

Iran's permanent envoy to the United Nations Amir-Saeid Iravani warned in a letter to the UN Security Council that "the responsibility and consequences of any unlawful and reckless aggression against Iran will fully and unquestionably fall on the United States and Israel."

"Iran has no need to enrich uranium other than to build a nuclear weapon. And Iran is building a missile program that can hit the United States," the X account of US Senate Republicans Caucus said on Monday.

"This is not just a threat to our allies — it’s a threat to us," the post reads.