TRUMP ANNOUNCES IRAN TALKS AS OIL PRICES FALL; TEHRAN DENIES NEGOTIATIONS

President Donald Trump announced on Sunday that negotiations with Iran would begin on Monday to end the war between the two countries, prompting crude oil prices to decline sharply at the opening of Asian trade. Trump said he had decided to hold off on striking Iran after requesting input from Qatar, Saudi Arabia, and the United Arab Emirates. West Texas Intermediate crude fell 4.7 per cent to $80.72 per barrel, whilst Brent crude dropped 5 per cent to $83.53 a barrel. The price decline boosted US stock markets, with the Dow Jones rising 1.3 per cent, Nasdaq up 1.2 per cent, and the S&P 500 gaining 0.9 per cent at the opening.

Iran's foreign ministry contradicted Trump's account on Monday, stating through spokesman Esmaeil Baqaei that no negotiations with the United States were currently taking place. Instead, Baqaei said Iran was negotiating with Oman regarding management and passage through the Strait of Hormuz, a critical global energy supply route. Trump had previously told reporters that the talks would cover the Strait of Hormuz and the denuclearisation of Iran. The conflict between Washington and Tehran began on 28 February, when the US and Israel launched surprise strikes against Iran, though months of intermittent diplomacy have created periods of relative calm. Fighting had intensified again last month, with Trump having threatened to strike Iran "very hard" and reportedly considering renewed attacks on energy infrastructure.

The Strait of Hormuz remains a volatile flashpoint in the conflict, with a tanker reporting an explosion nearby on Sunday. Iran said it was nearing a deal with Oman over a new route through the strait. Trump's announcement of negotiations—described as beginning "tomorrow afternoon" in remarks aboard Air Force One—came after weeks of escalating military tensions and regional concern over further escalation of the six-month conflict.