US President Donald Trump has announced new talks with Iran will begin on Monday, after calling off what he described as "massive" strikes on the country. Trump made the statement on board Air Force One on Sunday, revealing that the talks will start the following day.
Trump Cites Saudi Arabia's Crown Prince as Reason for Holding Off Attack
In a post on Truth Social, Trump claimed that he had been asked by Iran and US allies in the Middle East to "hold off" on any attack as the "perimeters" of a deal had been agreed. Saudi Arabia's Crown Prince Mohammed Bin Salman, as well as US partners such as the United Arab Emirates and Qatar, reportedly urged Trump against conducting strikes over the weekend. Trump said: "We were all set to go. The reason they asked is [that] they think there's a deal."
Oil Prices Plummet in Asia as Global Markets React
Global oil prices fell on Monday morning in Asia trading after Trump's announcement. Brent Crude oil was down by 4.5% at $83.98, while US-traded oil was 4.6% lower at $80.74. Energy prices have fluctuated since the conflict started on 28 February as traders reacted to disruptions to shipping through the Strait of Hormuz. Around 20% of the world's crude oil and liquefied natural gas (LNG) usually flows through the strait.
Iran Denies Requesting US to Hold Off on Military Action
Iran's semi-official Mehr news agency denied that Tehran had asked the US to hold off on further military action, saying Trump's claims were "nothing but a new lie". Iranian Foreign Minister Abbas Araghchi said on Sunday that negotiations with Oman on a deal on the Strait of Hormuz were "on track for finalisation", according to Iranian media.
Trump's Previous Threats and Apocalyptic Warnings
Trump's decision to call off the strikes and engage in new talks comes after he had issued apocalyptic warnings to Tehran, only to subsequently insist that diplomacy was being given a chance. In a post on Saturday, he said the US was "locked and loaded and ready to go against the Islamic Republic of Iran, at levels of Military Terror, Strength, and Power not seen since World War II". However, he added cancelling the attack would be "for the future benefit of the world and, likewise, the survival of a successful and prosperous Iran".
What's Next for US-Iran Relations?
The US president has not yet made clear the venue for the talks on Monday, nor the potential attendees. The talks come after months of tit-for-tat strikes between the two countries, with the US president repeatedly vowing that a negotiated end to the war is near. With the US and Iran still at odds over several key issues, it remains to be seen whether these new talks will yield a breakthrough or simply stall the conflict.
Source: Joy Online
