- U.S. President Donald Trump said negotiations with Iran will begin Monday after he held off on new strikes, telling reporters: "Now what we're doing is we're talking to them in the form of a negotiation. It begins tomorrow afternoon."
- Trump said he called off the strikes at the request of Saudi Arabia, the United Arab Emirates, Qatar and Iran and described a deal covering the Hormuz Strait and Iran's denuclearization as "imminent."
- Trump said on Saturday the planned operation would have been the biggest since World War II, while adding that the U.S. was ready to attack Iran.
- Oil retreated on signs of a diplomatic breakthrough: the Strait of Hormuz has seen traffic drop to a trickle, with crude falling 4.6% to around $83.96 a barrel and U.S. crude dropping about 4.7% to $80.6.
- A regional official involved in mediation said the latest Trump proposal includes a reopening of the Strait of Hormuz, halting attacks across the region, and the U.S. will end its naval blockade on Iran and allow Tehran to export its oil; no deal has been reached.
- Trump's weekend reversal has lowered the temperature after days of escalating attacks across the Gulf.
- A parallel track with Muscat is also advancing: officials said negotiations over future management of the Strait of Hormuz with Oman are in their final stages, and the new agreed shipping route would be separate from the strait's reopening or continued closure.
President Donald Trump announced that negotiations with Iran will begin Monday, following his decision to call off planned military strikes.
Trump stated, "it begins tomorrow afternoon," emphasizing a shift towards diplomacy amid escalating tensions in the region.
He revealed that the strikes were canceled at the request of Saudi Arabia, the UAE, Qatar, and Iran, describing a potential deal regarding the Hormuz Strait and Iran's denuclearization as "imminent."
The Strait of Hormuz, crucial for global oil supply, has seen a significant drop in traffic, with oil prices retreating by 4.6% to around $83.96 a barrel on signs of a diplomatic breakthrough.789
The latest proposal includes a reopening of the Hormuz Strait and a halt to regional attacks, with the U.S. potentially ending its naval blockade on Iran and allowing oil exports.
Trump's reversal has lowered tensions after days of escalating attacks across the Gulf, with ongoing mediation efforts indicating that no deal has yet been reached.
Iranian officials are also in final stages of negotiations with Oman regarding the management of the Hormuz Strait, suggesting a new shipping route that is separate from the reopening issue.
“Crude fell 4.6% to around $83.96 a barrel on signs of a diplomatic breakthrough as Hormuz traffic dropped to a trickle. A regional official said the proposal includes reopening the strait, halting attacks, and ending the U.S. naval blockade to let Tehran export oil, though no deal has been reached.”
CNBC
