US President Donald Trump revealed that fresh negotiations with Iran are scheduled to commence on Monday, following his decision to abort what he described as "massive" military strikes against the country.

Speaking aboard Air Force One, Trump said the planned attacks were called off after Iran and US Middle Eastern allies requested a pause, believing an agreement was within reach. "We're talking to them in the form of a negotiation. It begins tomorrow afternoon," he stated.

Trump declined to specify a deadline for the talks or disclose the location and participants. He emphasized a preference for diplomacy over conflict, saying, "I'm not looking to kill people." The president also acknowledged pressure from Saudi Arabia's Crown Prince Mohammed bin Salman and other regional partners, including the UAE and Qatar, to avoid military action.

Impact on Global Oil Markets

The announcement triggered a notable drop in oil prices during Asian trading hours. Brent crude fell 4.5% to $83.98 per barrel, while US crude declined 4.6% to $80.74. The Strait of Hormuz, a vital transit route for about 20% of the world's crude oil and liquefied natural gas, remains a focal point amid the tensions.

Responses and Regional Developments

  • Iran's semi-official Mehr news agency dismissed Trump's claim that Tehran requested a pause in US strikes, calling it "nothing but a new lie."
  • Iranian Foreign Minister Abbas Araghchi noted ongoing talks with Oman aimed at finalizing an agreement concerning the Strait of Hormuz.
  • Iran's acting Defence Minister Majid Ibn al-Reza described all threats from adversaries as "real and credible," even if part of psychological tactics.

Background

Trump has oscillated between issuing stern warnings and pursuing diplomatic efforts with Tehran. He previously threatened unprecedented military action, including targeting civilian infrastructure, but has since shown willingness to negotiate, citing the potential benefits for global stability and Iran's prosperity.

Earlier attempts at dialogue, including talks in Pakistan led by Vice-President JD Vance, failed to produce a deal. Meanwhile, the Trump administration has largely downplayed public discontent in the US over the ongoing conflict and its economic consequences.