Trump heralds ‘perimeters’ of Iran deal as he calls off threatened strikes

US President Donald Trump has called off threatened strikes on Iran, claiming that the "perimeters of a deal" have been established. This decision has led to a 5% drop in oil prices. Iranian diplomats have expressed positive reactions to a Qatari-mediated plan aimed at restoring traffic through the Strait of Hormuz, which accounts for approximately 20% of the world's oil supply.

However, the Saudi crown prince has reportedly urged Trump to delay signing the deal, as Gulf states now wield more influence over the president than Israel, according to a former Israeli intelligence official. The prolonged cycle of threats and negotiations has left Trump with few viable options, with one analyst suggesting that he is seeking a decisive victory in a situation where none exists.

Brief written by urgent.news from Semafor's own syndicated text. Machine-written — may contain errors; check the original before relying on it.