US-Iran war news LIVE: Iran talks to take place on Monday, says Trump as he refuses to set a deadline for a peace deal

On August 2, US President Donald Trump announced that talks with Iran would take place on Monday (local time). However, Trump did not set a deadline for an agreement, having previously called off an imminent attack in hopes of reaching a rapid deal to reopen the Strait of Hormuz and resolve tensions over Tehran's nuclear capabilities.

Earlier that day, Trump had stated on his social media platform that Iran and other Middle Eastern countries had sought time to finalize a deal, which would "lead to the Immediate, Complete and Total" reopening of the strait and "an end to Iran's nuclear threat." According to Trump, Tehran must "rapidly make a DEAL." Gulf leaders' input heavily influenced Trump's decision to halt new strikes on Iran, with Qatar, Saudi Arabia, and the United Arab Emirates urging him to refrain from ordering American forces to carry out a potential attack.

Trump revealed that a plan for the "biggest attack since World War II" on Sunday had been prepared but was subsequently abandoned in favor of diplomacy. Following consultations with Gulf allies, including Saudi Crown Prince Mohammed bin Salman, as well as unnamed Iranian officials, Trump expressed willingness to pursue a deal rather than an attack, citing uncertainty of the consequences of military action.

Oil prices plummeted nearly 5% in early Asian trade on Monday following Trump's announcement of fresh talks with Iran to end the Middle East conflict and reopen the Strait of Hormuz. The conflict began in late February when the US and Israel attacked Iran, causing oil prices to fluctuate sharply due to the effective closure of a crucial waterway for global oil and gas supplies.

Trump's announcement came as he returned to Washington from his golf club in Bedminster, New Jersey, where he spent the weekend. He addressed reporters on Air Force One and explained that he had asked Crown Prince Mohammed bin Salman, "What would you rather do? Would you rather us do this or not?" The prince reportedly advised against an attack, emphasizing the risks associated with military action.

Oil prices tumbled on Monday in early Asian trade following US President Donald Trump's announcement of fresh talks with Iran to end the Middle East war and reopen the Strait of Hormuz. The conflict, which erupted in late February with US and Israeli strikes against Iran, has significantly impacted oil prices as it effectively blocked a critical route for global oil and gas shipments.

Trump's decision came as he returned to Washington after a weekend at his Bedminster, New Jersey golf club. On Air Force One, he spoke with reporters and stated that he had consulted with Saudi Crown Prince Mohammed bin Salman, who advised favoring a deal over an attack due to the unpredictable outcomes of military action. The US President indicated that Iran would hold Monday's talks to discuss reopening the Strait of Hormuz and addressing Tehran's nuclear ambitions, although no deadline was set for a potential agreement.