President Donald Trump announced that a new round of negotiations with Iran is scheduled to begin on Monday afternoon. While the president confirmed the talks, he did not disclose the location of the meeting or the specific individuals who would be participating. This announcement follows a weekend of intense diplomatic activity and ongoing regional instability.
Speaking while returning to Washington from New Jersey on Sunday, Trump revealed that he had previously considered ordering new military strikes against Iran. However, he ultimately held off on that decision following urgent appeals from Gulf allies, including Qatar, the United Arab Emirates, and Saudi Arabia. This included a direct phone conversation with Crown Prince Mohammed bin Salman.
The diplomatic climate remains complex as Iran’s state news agency, IRNA, quoted Foreign Minister Abbas Araghchi stating that negotiations with Oman were in their final stages, though no further details were provided. Araghchi also held discussions regarding diplomatic efforts with his Saudi counterpart, Prince Faisal bin Farhan, and Pakistan’s army chief, Asim Munir. Despite these efforts, Trump insisted that any potential agreement would not result in the reopening of the Strait of Hormuz, nor would the region return to the status quo that existed before the conflict began on February 28.
The closure of the Strait of Hormuz, which served as a conduit for 20% of the world’s oil and liquefied natural gas, has driven up energy costs and fueled global inflation. Following Trump's announcement, Brent crude oil prices dropped more than 4% in Asian trade to approximately $83 per barrel. Trump has maintained that preventing Iran from acquiring nuclear weapons justifies the current economic strain.
Security concerns persist, as Israel’s energy minister, Eli Cohen, noted close intelligence coordination with the US. Cohen emphasized that regardless of any external agreements, Israel is prepared to take action if Iran advances its nuclear program or ballistic missile capabilities. This follows a meeting between Trump and Israeli Prime Minister Benjamin Netanyahu in Washington last Tuesday, where officials explored various paths to curb Iran’s nuclear program, including economic pressure and force. Iran continues to deny that it is seeking to develop nuclear weapons.
Meanwhile, shipping data indicated a slowdown in traffic through the Strait of Hormuz following reports of vessel attacks. Conversely, further south, two tankers carrying Saudi oil successfully crossed the Bab el-Mandeb strait over the weekend, despite ongoing Houthi threats against Saudi oil exports in the Red Sea.
