By Jennifer A. Dlouhy, Bloomberg — President Donald Trump announced that the US would delay strikes on Iran’s energy infrastructure after what he described as “productive conversations” with the nation. His comments raised questions about who was involved in the talks and the terms of a potential agreement.
On Monday, Trump informed reporters that he would hold off on military action against Iranian energy targets for five days, highlighting “major points of agreement” reached in discussions. He mentioned that special envoys Steve Witkoff and Jared Kushner had lengthy talks with a “top person” from Iran on Sunday, and both sides seemed eager to “make a deal” with plans for further phone discussions on Monday.
“Iran has one more chance to address its threats to America and its allies, and we hope they take it,” Trump stated later in Memphis. He added that an agreement could lead to a beneficial outcome for everyone involved, reiterating that Iran must not be allowed to develop nuclear weapons.
Trump proposed that the US and Iran could co-manage the Strait of Hormuz, a crucial route that has been nearly shut down since hostilities began, affecting global energy markets. He expressed hope that the strait could be reopened soon if negotiations proceed positively.
Following Trump's comments about the ongoing negotiations, the price of Brent crude oil dropped from $112 a barrel to around $96. By 12:44 p.m. in New York, prices had fallen below $102 as the Trump administration worked to restore normal shipping routes through the Strait of Hormuz.
Trump indicated that a “top person” was negotiating for Iran but clarified that this individual was not Iran’s Supreme Leader, Mojtaba Khamenei.
According to Axios, Witkoff was in talks with Mohammad-Bagher Ghalibaf, the Speaker of the Iranian Parliament. However, Ghalibaf claimed on social media that no negotiations were taking place with the US. Iranian state television reported that the US had attempted to negotiate through intermediaries recently, but Iran had not responded.
Trump mentioned that the US would allow a “five-day period” for negotiations and refrain from targeting energy infrastructure during this time.
“We’ll see how it goes, and if things improve, we may find a resolution,” he said. “Otherwise, we will continue our attacks.”
In a contrasting move, Iran announced it was launching fresh missile and drone attacks against Israel and US interests, dampening hopes for immediate de-escalation.
Previously, Trump had deployed Marines to the region, including the 31st Marine Expeditionary Unit from Japan, comprising over 2,000 troops.
Fred Fleitz, a former member of Trump’s National Security Council, expressed caution about the President’s comments, suggesting they might be misleading. Nonetheless, he remained hopeful that this could signal a reduction in military actions.
The main aim remains to prevent Iran from obtaining nuclear weapons. Trump noted that both sides had already come to an understanding about restricting Iran’s uranium stockpile and prohibiting enrichment for civilian uses.
Several Middle Eastern nations, including Turkey, Saudi Arabia, and Oman, have been engaged in behind-the-scenes talks with Iran over the past two weeks to help contain the conflict and, ideally, reach a ceasefire agreement between the Islamic Republic and the US-Israeli coalition.
Trump had set a deadline for Iran to reopen the Strait of Hormuz by Monday evening in Washington, warning that the US and Israel would begin bombing Iran’s power facilities if they failed to comply. In response, Iran threatened to target energy and water facilities across the region.
Additionally, Iran's National Defense Council stated it would mine the “entire Persian Gulf” if further attacks occurred on its territory.
“Weaponizing the Strait of Hormuz is not just an act against one country. It’s economic terrorism against every nation,” stated Sultan Al Jaber, CEO of Abu Dhabi National Oil Co., during a conference in Houston.
Since the conflict began with US and Israeli airstrikes on February 28, which resulted in the death of former Supreme Leader Ali Khamenei, Iran has effectively closed the Strait of Hormuz, a vital route for global oil and liquefied natural gas. This shutdown has led to a surge in oil and gas prices, raising concerns about inflation and a potential food crisis.
As the war continues, Iran has retaliated with strikes in Israel and around the Persian Gulf, leading to over 4,200 casualties so far, with the majority being in Iran.
An Israeli official indicated that Israel would maintain ongoing operations while avoiding energy installations. Two Israeli officials reported that they were informed about Trump’s social media remarks in advance.
When asked if Israel would comply with any deal made with Tehran, Trump stated that he believed Israel would be satisfied with the agreement, mentioning prior communication with the country.
Israel's military has reportedly targeted Iranian infrastructure and carried out strikes in Tehran. Iran responded with drone and missile attacks, though no significant strikes were reported.
Trump has cited various reasons for the conflict, especially regarding the need to dismantle Iran’s nuclear capabilities. Iran has consistently denied pursuing nuclear weapons, although it has not permitted UN inspectors into the country since prior Israeli and US strikes last June.
The war’s outcomes remain unclear, and Trump faces increasing domestic pressure to conclude the conflict, especially since gas prices have risen daily during the crisis, according to data from the American Automobile Association. Midterm elections are approaching in November.
Recent Israeli airstrikes on a significant Iranian gas field have sparked a backlash, damaging major energy assets in the region, including Qatar’s substantial LNG facility in Ras Laffan.
Fatih Birol, Executive Director of the International Energy Agency, reported that over 40 energy sites across nine Middle Eastern nations have suffered “severe or very severe” damage, which could extend disruptions to global supply chains even after the conflict concludes.
Birol explained that restoring oil fields, refineries, and pipelines to full operation would take time, compounded by the blockade in the Strait of Hormuz, which Iran has mostly kept closed to all but a few vessels. On Monday, two Indian-flagged ships transporting liquefied petroleum gas were seen moving through the waterway, according to ship-tracking data.
The US-based Human Rights Activists News Agency reported that at least 3,231 people have died in Iran. In Lebanon, where Israel has increased attacks against Hezbollah militants, more than 1,000 lives lost have been reported. Casualties have also occurred in Israel and neighboring Arab countries.