Trump sets Monday Iran talks as Hormuz closure hits oil trade
Why it matters: Iran has largely shut the Strait of Hormuz, which carried about 20% of global oil and LNG before the war.
President Donald Trump said negotiations with Iran would begin Monday afternoon as he declined to set a deadline for a deal to reopen the Strait of Hormuz and address Tehran's nuclear program. Speaking to reporters on Air Force One on Sunday, Trump said he preferred an agreement over further attacks after saying a day earlier he had called off an imminent strike. Iran has largely closed the waterway, a key route for global energy shipments, sending fuel prices higher and adding to inflation pressure. Oil prices fell more than 4% in early Monday trading as hopes for de-escalation grew. Iran's Foreign Minister Abbas Araqchi also held calls with Saudi Foreign Minister Prince Faisal bin Farhan and Pakistan army chief Asim Munir on diplomatic efforts.