Trump sets Monday Iran talks as Hormuz closure hits oil trade
What's new: Oil fell more than 4% in early Monday trading as markets bet diplomacy could ease disruption in a waterway that carried 20% of global oil and LNG.
President Donald Trump said U.S.-Iran talks would begin Monday afternoon as Washington seeks a deal to reopen the Strait of Hormuz and curb Tehran's nuclear program. Speaking on Air Force One on Sunday, Trump did not give a deadline for an agreement or say where the talks would be held. The latest turn followed days of threats of further attacks and Trump's earlier statement that he had pulled back from an imminent strike to allow more time for diplomacy. Iran has largely closed the strait, a chokepoint that before the war carried about 20% of the world's oil and liquefied natural gas, pushing up energy prices and adding to inflation pressure. Iran's Foreign Minister Abbas Araqchi also held calls with Saudi and Pakistani officials as diplomatic efforts continued.