US President Donald Trump announced on Sunday, August 3rd, 2026, that new negotiations with Iran will begin on Monday, August 4th, after he decided to call off a massive attack on the Islamic republic. The talks are expected to address the Strait of Hormuz, a critical global energy supply route and a major point of contention in the conflict, as well as Iran's denuclearisation.
The US and Israel have been at war with Iran since February 28th, 2026, following surprise strikes launched by the US and Israel against Iran. Despite months of intermittent diplomacy leading to periods of relative calm, tensions have remained high.
Trump stated that he was asked by Iran and US partners Saudi Arabia, the United Arab Emirates, and Qatar to hold off on the strikes, which he described as potentially "the biggest attack since World War II."
Iranian lawmaker Hassan Ghashghavi, spokesman for the parliament's national security commission, said mediators are working to revive a US-Iran memorandum of understanding agreed upon in June. Iranian President Masoud Pezeshkian posted on X that "We must strive to compel the enemy to remain committed to what it has signed."
Iran also indicated it is nearing a deal with Oman on a new route through the Strait of Hormuz. This comes amid reports of an explosion near a tanker off the coast of Oman on Sunday, August 2nd, though the United Kingdom Maritime Trade Operations Centre confirmed the vessel and crew were safe.
Following Trump's announcement of the negotiations, oil prices fell at the opening of Asian trade on Monday, with West Texas Intermediate dropping 4.7% to $80.72 (€69.99) per barrel.
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