US President Donald Trump announced on Sunday that new negotiations with Iran are set to begin on Monday afternoon. Speaking to reporters while aboard Air Force One, the president revealed that he had recently called off what he described as a "massive" military strike against the country. According to Trump, Iranian officials were aware of the impending attack as they observed it forming. He stated that the administration is now engaging in a negotiation process, which he claims is intended for the future benefit of the world and the survival of a successful and prosperous Iran.
The president noted that he had been urged against conducting the strikes over the weekend by Saudi Arabia's Crown Prince Mohammed Bin Salman, as well as US partners including the United Arab Emirates and Qatar. Trump characterized the cancelled operation as potentially the biggest attack since World War II, noting that it could have derailed the prospects for a negotiated end to the months-long war. While the president has repeatedly vowed that a diplomatic resolution is near, the conflict has frequently seen the resumption of tit-for-tat strikes.
Global oil markets reacted to the announcement on Monday morning in Asia, with prices falling. Brent Crude oil dropped by 4.5% to $83.98 (£62.26), while US-traded oil fell by 4.6% to $80.74 (£59.85). Energy prices have remained volatile since the conflict began on 28 February, largely due to disruptions in shipping through the Strait of Hormuz, a critical waterway through which approximately 20% of the world's crude oil and liquefied natural gas typically flows.
Despite the president's announcement, Iran’s semi-official Mehr news agency denied that Tehran had requested the US to hold off on military action, labeling Trump's claims as "nothing but a new lie." Iran's acting Defence Minister, Majid Ibn al-Reza, previously stated that Tehran views threats from adversaries as "real and credible" even if they form part of psychological warfare. He added that Iran would neither be caught off guard nor remain passive.
Trump has not yet clarified the venue for the Monday talks or the potential attendees. He also declined to answer whether he had been planning to strike Iranian energy infrastructure, an action that international law experts have suggested could constitute a war crime. The president has previously issued apocalyptic warnings to Tehran, including a post on Saturday stating the US was "locked and loaded" and ready to act with levels of power not seen since World War II. On 7 April, he also warned that "a whole civilisation will die tonight" if Iran refused to engage in peace talks, threatening to destroy civilian infrastructure and power plants.
The Trump administration has remained largely dismissive of data showing that the war and its economic impact are unpopular with many Americans, including Republicans. Polls indicating widespread dissatisfaction with the handling of the conflict have prompted concern among some conservative strategists ahead of the upcoming November midterms.
Around 20% of the world's crude oil and liquefied natural gas (LNG) usually flows through the strait.
With additional reporting from Peter Hoskins.
