A possible framework for a renewed Iran nuclear agreement is taking shape after talks in Tehran involving Qatari mediators. A source familiar with the discussions characterized the meeting as “positive talks,” while the United States and Iran separately examine the mediators’ latest proposals intended to narrow differences and move the countries toward a new agreement.
The diplomatic development followed a Monday afternoon post by President Donald Trump on Truth Social. “Oil Prices are DROPPING LIKE A ROCK, down almost $10 a Barrel, A RECORD, because people feel that there will not be a War with Iran. Iran wants a settlement, as soon as possible. It could happen! President DONALD J. TRUMP,” Trump wrote.
Oil prices fell 7% on Monday, CNBC reported, marking their steepest one-day decline since July as markets reacted to signs that Washington and Tehran had resumed discussions.
Speaking to reporters, Trump said Iran wants to “make a deal and that could happen.” His comments reinforced his pledge to avoid attacking the embattled country ahead of Tuesday’s midterm election.
A U.S. military blockade in the Strait of Hormuz, coupled with the Treasury Department’s Operation Economic Outcast, has placed further pressure on Iran’s economy. The campaign has focused on banking infrastructure while disrupting the country’s network of shadow-fleet oil tankers.
U.S. CENTCOM Commander Adm. Brad Cooper said in an Oct. 30 post on X that he had recently visited the region and observed commercial vessels traveling safely through the Strait of Hormuz. Cooper said the Islamic Revolutionary Guard Corps was no longer patrolling the waterway, as it had for decades, because Iran’s Navy was “at the bottom of the sea.” He also said Gulf partners had helped export 1.5 billion barrels of oil since the summer.
Follow Matt Mercer on X: @mattmercer.