Global Oil Prices Fall Sharply Following Trump’s Announcement
Darwin, 03 August: Global oil prices dropped by more than 4% after diplomatic developments in the Middle East eased concerns over the possibility of war,…
Darwin, August 03: U.S. President Donald Trump has said that a new round of talks between the United States and Iran will begin on Monday. He also claimed that a planned large-scale military strike had been put on hold because a path toward an agreement had emerged, according to the BBC.
Speaking to reporters aboard Air Force One on Sunday, Trump said, “We are moving forward through negotiations. The talks will begin on Monday (August 3) afternoon.”
Earlier, in a post on his social media platform, Truth Social, Trump wrote that Iran and U.S. allies in the Middle East had urged him not to launch a military strike. According to him, they believe that agreement has been reached on the key elements of a deal.
Trump claimed that the United States had been fully prepared to carry out a “massive” military operation, which, if executed, could have been the largest military campaign since World War II. However, he said, “I don’t want to kill people. We are ready to take military action at any time, but we are giving diplomacy a chance first.”
He also said that Saudi Crown Prince Mohammed bin Salman, along with the leaders of the United Arab Emirates and Qatar, had appealed to him not to proceed with the attack. Trump added, “There will be an agreement on the Strait of Hormuz, and there will also be a deal on the nuclear issue.”
In response to Trump’s claims, Iran’s semi-official Mehr News Agency said that Tehran had not asked the United States to suspend any military strike. The agency described Trump’s remarks as “another lie.”
Meanwhile, Iranian Foreign Minister Abbas Araghchi said that the Oman-mediated negotiations regarding the Strait of Hormuz are in their final stages.
Trump has not yet disclosed where Monday’s talks will take place or who will participate.
Following Trump’s remarks, international oil prices fell. During Monday’s Asian trading session, Brent crude dropped by about 4.5 percent to $83.98 per barrel, while U.S. West Texas Intermediate (WTI) crude declined by around 4.6 percent to $80.74 per barrel.
As nearly 20 percent of the world’s crude oil and liquefied natural gas (LNG) passes through the Strait of Hormuz, tensions surrounding this strategic waterway continue to have a significant impact on global energy markets.