Trump says new Iran talks set to start today after calling off massive attack

On Monday, US President Donald Trump announced that new negotiations with Iran would commence, following his decision to halt a planned military strike. The talks are expected to cover the Strait of Hormuz, a crucial energy route, and aim for Iran's potential denuclearization. Iran claimed to be nearing a deal with Oman over a new route through the strategic waterway, amid ongoing volatility.

Oil prices dropped on Monday after Trump's announcement, falling 4.7% to $80.72 per barrel. Washington and Tehran have been engaged in conflict since February 28, with intermittent periods of peace. Trump initially threatened a "very hard" attack but later backed away, citing potential deal parameters. The US president said the talks were initiated in response to Iran and its allies Saudi Arabia, the United Arab Emirates, and Qatar's requests.

The previous ceasefire agreement, which included reopening the Strait of Hormuz, failed, and Iran tightened its control over the waterway. US President Masoud Pezeshkian urged Iran to honor the 2021 memorandum of understanding, emphasizing the importance of the Hormuz issue.