Trump drops Iran strike threat after back-channel talks in Riyadh, oil plunges 11.7%
President Trump has announced a pause on military strikes against Iran after back-channel talks in Riyadh, leading to a significant drop in oil prices. The diplomatic pivot came after discussions facilitated by foreign ministers from Pakistan, Egypt, Turkey, and Saudi Arabia, but Iran denies engaging in direct negotiations with the US.
President Trump has paused military strikes against Iran after talks in Riyadh. The move follows a significant escalation in the conflict, including over 9,000 US airstrikes. Foreign ministers from four nations facilitated the discussions, which led to an 11.7% drop in Brent crude oil prices. The conflict has had a major impact on global energy flows, with Iran blocking the Strait of Hormuz for over three weeks. This has disrupted oil shipments and natural gas supplies, affecting markets and investors. The situation remains uncertain, with Iran denying direct negotiations with the US.
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