Trump says Iran talks to resume Monday after calling off planned strikes

U.S. President Donald Trump announced plans for negotiations with Iran to resume on Monday, following his decision to cancel a series of planned strikes against the country. The talks are set to commence in the afternoon, according to Trump, who did not specify the location or participants. The president's decision to halt the strikes was reportedly influenced by Saudi Arabia, the United Arab Emirates, Qatar, and Iran.

Trump described the potential deal as covering the Hormuz Strait and Iran's denuclearization, stating that it was "imminent." The Strait of Hormuz, a critical shipping route handling approximately one-fifth of global oil supply, has seen a significant decrease in traffic. Oil prices have dropped in response to the potential diplomatic breakthrough, with Brent crude falling by 4.6% to around $83.96 a barrel and U.S. crude decreasing by about 4.7% to $80.6.

Despite the apparent progress in diplomacy, the risk of shipping incidents persists. The UK Maritime Trade Operations reported an incident involving an explosion near a tanker in the strait on Sunday, but the vessel and crew were unharmed. The United Kingdom Maritime Trade Operations advised ships to exercise caution while transiting the area.

The proposal put forward by Trump aims for the U.S. and Iran to engage in negotiations and resolve contentious issues that have hindered previous diplomatic efforts. The proposal also includes the reopening of the Hormuz Strait and the cessation of attacks in the region. The U.S. would lift its naval blockade on Iran, enabling Tehran to export oil.

However, no official agreement has been reached yet, and the mediation efforts continue. Trump's decision to reverse his stance on the strikes has helped lower tensions following days of escalating attacks in the Gulf. Kuwait announced on Saturday that Iranian forces had launched drones within its airspace, with its military destroying multiple aircraft.

Additionally, Iran is reportedly nearing an agreement with Oman to manage shipping through the Strait of Hormuz, which could prevent further escalation of the conflict.