Trump Announces Iran Negotiations to Resume Monday After Halting Planned Strikes
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U.S. President Donald Trump said talks with Iran will start Monday following the cancellation of a planned airstrike, prompting a drop in oil prices while shipping risks in the Strait of Hormuz remain.
U.S. President Donald Trump told reporters aboard Air Force One on Sunday that negotiations with Iran would begin Monday afternoon, after he suspended a planned strike that had been described as the largest U.S. operation since World War II. He said the decision to call off the attack came at the request of Saudi Arabia, the United Arab Emirates, Qatar and Iran, and suggested a deal covering the Hormuz Strait and Iran's nuclear program was "imminent."
The announcement coincided with a decline in oil markets; Brent crude fell about 4.6% to $83.96 a barrel and U.S. crude dropped roughly 4.7% to $80.60. The Strait of Hormuz, which previously handled about 20% of global oil supplies, has seen traffic reduced to a trickle, though occasional ship movements have been reported.
The United Kingdom Maritime Trade Operations reported an incident near the mouth of the strait, where a tanker’s master heard an explosion close to the vessel. The crew were unharmed and authorities are investigating, while ships are advised to transit with caution.
According to a regional official cited by the Associated Press, the weekend proposal includes reopening the Hormuz Strait, halting attacks by Iranian-backed militias in Iraq, and ending the U.S. naval blockade that has restricted Iranian oil exports. No formal agreement has been reached, but mediation efforts continue.