Trump holds off on new Iran strikes after Qatar talks, and oil falls almost 6%

President Donald Trump said on Monday that he is in no hurry to resume military strikes on Iran, after meeting Qatar’s prime minister, Sheikh Mohammed bin Abdulrahman Al Thani, at the White House. Trump said the US naval blockade of Iran will stay in place and that US forces remain ready to act if needed. According to Reuters, he held off on new strikes for now after appeals from countries in the region, including Qatar. He also said Qatar, Saudi Arabia and other Gulf states prefer to keep the current pressure on Tehran. Oil fell sharply: Brent crude, the global benchmark, dropped 5.8% on Monday to about $92.60 a barrel, far below its late-October peak.

Mediators are discussing a two-day plan, first reported by Axios: on the first day the United States would lift the blockade and release some frozen Iranian funds while Iran invites nuclear inspectors to sites damaged in the war; on the second day Iran would reopen the Strait of Hormuz, followed by broader nuclear talks. Washington has not accepted it. Secretary of State Marco Rubio said on Sunday, “I wouldn’t say we’re on the verge of a breakthrough,” and called some of Iran’s demands “outrageous and ridiculous.” Iran’s foreign minister, Abbas Araghchi, said Tehran is waiting for Washington’s response. Attacks on ships near the strait have continued.

Why it matters

This is today’s highest-impact story because the standoff over the Strait of Hormuz, a route for a large share of the world’s oil and gas, sets fuel prices and inflation far beyond the Gulf, and Monday’s decision makes renewed US strikes less likely for now. Oil’s fall shows how much markets are pricing in a deal that does not yet exist. Nothing has been agreed, Iran has not dropped its conditions, and shipping is still under attack. What to watch: Washington’s answer to the two-day plan and whether attacks in the strait ease.