Key facts
- US President Donald Trump announced new negotiations with Iran will begin Monday.
- The talks will address the Strait of Hormuz and Iran's nuclear program.
- Trump stated he called off a potentially massive attack on Iran.
- Oil prices dropped following the announcement of new negotiations.
- A tanker reported an explosion near its location in the Strait of Hormuz.
US President Donald Trump announced that new negotiations with Iran are scheduled to commence on Monday, following his decision to postpone a significant military strike against the Islamic republic. The impending talks aim to address key points of contention, including the strategic Strait of Hormuz and Iran's nuclear program.
Trump informed reporters on Sunday that the negotiations would focus on the Strait of Hormuz, a critical global energy supply route that has become a focal point in the ongoing conflict, and the denuclearization of Iran. The announcement came after a period of heightened tensions, with fears of escalation mounting following a return to strikes last month. Trump had previously threatened severe action against Iran, reportedly considering renewed attacks on energy infrastructure.
However, Trump revealed on Saturday that the "perimeters" of a deal were in place, leading to the decision to halt further military action. He stated that the talks would begin on Monday afternoon, though details regarding the venue and specific participants were not disclosed. Trump mentioned that Iran, along with US partners Saudi Arabia, the United Arab Emirates, and Qatar, had requested a delay in the strikes, which he claimed would have been the largest since World War II. Iranian media, however, denied that Tehran had requested such a delay.
The Strait of Hormuz has been a significant point of dispute, with Iran having previously closed the strait during the conflict and now insisting on retaining control and imposing tolls, a stance rejected by the US. This disagreement had reignited strikes last month. On Sunday, Iran's foreign ministry spokesman indicated that a deal was close with Oman, a neighboring country, regarding a new route through the strait that would respect the sovereign rights of both nations. Despite this potential agreement, it was clarified that this does not signify a full reopening of the strait.
Oil prices reacted to the news, with West Texas Intermediate dropping 4.7% to $80.72 per barrel at the opening of Asian trade on Monday. A tanker near Oman also reported hearing an explosion nearby on Sunday, highlighting the continued volatility of the strategic waterway.
In separate developments, Israeli forces carried out bombing operations across southern Lebanon, and an earthquake measuring magnitude 5.6 struck near Egypt's Suez.