• Trump announces new negotiations with Iran set for Monday after canceling planned strikes.
• The US president cited requests from Gulf allies and Tehran to delay military action.
• Previous threats included what Trump described as potentially "the biggest attack since World War II".
• Energy prices fell following Trump's announcement, reflecting global market reactions.
• Iran's foreign minister noted that discussions on the Strait of Hormuz are nearing finalization.

U.S. President Donald Trump announced that new negotiations with Iran will begin on Monday, following his decision to suspend planned military strikes. Trump stated that the strike would have been "the biggest attack since World War II" but opted for diplomacy as he felt "there's a perimeter of a deal" in sight. He mentioned that both Iran and U.S. allies, including Saudi Arabia, the UAE, and Qatar, urged him to hold off on military action to pursue negotiations, which he described as "talking to them in the form of a negotiation" that begins tomorrow afternoon, according to SCMP, Al Jazeera, and BBC.

On board Air Force One, Trump elaborated on the situation, stating that allies' concerns about unintended consequences influenced his decision. "When the allies asked to call it off, you've got to sort of say: 'Well, let's see,'" he explained, indicating a belief that a deal concerning the Strait of Hormuz and Iran's nuclear program might be achievable. The announcement came on the heels of discussions amongst regional partners, including Iranian Foreign Minister Abbas Araghchi and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, highlighting ongoing diplomatic efforts in West Asia, according to SCMP and Al Jazeera.

Trump's caution regarding military action has historically alternated with aggressive rhetoric, as exemplified by his previous threats to significantly escalate the conflict. He noted the readiness of the U.S. military but suggested that diplomacy was preferable. Meanwhile, the announcement triggered a notable decrease in global oil prices, reflecting how conflicts involving the Strait of Hormuz directly impact energy markets, stressing the global economy's vulnerability to regional tensions, as reported by Al Jazeera and BBC.

Amid these developments, Iranian officials dismissed Trump's account of having been asked to delay strikes, indicating a potential public relations strategy behind the conflicting narratives. Furthermore, Iranian media cited ongoing negotiations with Oman regarding the Strait, which are reportedly reaching finalization, suggesting a possibility of an agreement separate from U.S.-Iran talks. This reflects the complexity of diplomatic efforts in the region, as indicated by SCMP, Al Jazeera, and BBC.