Trump says Iran talks to resume Monday after scrapping strikes

Key Points:

• U.S. President Donald Trump announced that negotiations with Iran will begin Monday, following his decision to halt planned military strikes against the country, signaling a potential diplomatic resolution to the ongoing conflict.
• Trump indicated the strikes were called off at the request of Saudi Arabia, the UAE, Qatar, and Iran, and described a deal involving the Hormuz Strait and Iran's denuclearization as "imminent."
• Oil prices fell sharply on hopes of a diplomatic breakthrough, with Brent crude dropping 4.6% and U.S. crude falling about 4.7%, reflecting easing tensions in the region.
• Despite diplomatic progress, shipping risks remain as the UK Maritime Trade Operations reported a tanker explosion near the Hormuz Strait, though the vessel and crew were unharmed and investigations are ongoing.
• The proposed deal includes reopening the Hormuz Strait, halting regional attacks by Iranian-backed militias, and the U.S. ending its naval blockade on Iran to allow oil exports, though no final agreement has yet been reached.