In brief
On Sunday, aboard Air Force One, President Donald Trump revealed that a large-scale strike on Iran had been called off in favour of diplomatic negotiations beginning Monday afternoon. Trump said the decision came after pressure from allies, including Saudi Arabia, the UAE and Qatar, who advocated for a deal. While Iran’s official agencies deny any request to hold off, the US leader emphasized that negotiations could secure a long‑term ceasefire amid escalating tensions in the region. Global oil markets reacted strongly, with Brent and WTI crude dropping steeply as markets reassessed the Strait of Hormuz’s security context.
US President Donald Trump announced on Air Force One that a planned “massive” strike on Iran had been called off and that new talks would begin Monday afternoon.
In a televised briefing aboard the aircraft, Trump said he had been asked by Iran and the US’s Middle East allies to hold back on any attack because “the perimeters” of a deal had agreed. He added that Saudi Arabia’s Crown Prince Mohammed bin Salman, the United Arab Emirates and Qatar had urged him not to strike over the weekend.
Trump did not disclose a deadline for a deal with Tehran, but said he was ready to act “anytime we want.” He emphasized that the stance was “for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran.”
Iranian media outlets have denied any such request to hold off, calling Trump’s claim a “new lie.” The country’s acting defence minister, Majid Ibn al‑Reza, warned that Tehran would face a credible threat from adversaries even if it were psychological warfare.
Global oil markets responded with a sharp drop in Brent and WTI crude on Monday morning. Brent slid 4.5% to $83.98 and US‑traded oil fell 4.6% to $80.74 as traders reassessed shipping disruptions in the Strait of Hormuz.
The US has previously warned that it was “locked and loaded” for a war against Iran, stating that a whole civilisation would “die tonight” if Tehran refused talks. Those threats spurred historic face‑to‑face talks in Pakistan led by Vice‑President JD Vance, though no deal materialised.
Despite the push for peace, the war’s economic impact remains unpopular among Americans, raising concerns for the upcoming November midterms.
