Trump announces Monday Iran talks

U.S. President Donald Trump announced on Sunday that negotiations with Iran will begin on Monday afternoon, after he decided to hold off on new strikes against Iran to pursue a deal. Trump said he had been asked by Iran as well as U.S. partners Saudi Arabia, the UAE, and Qatar to hold off on the strikes. The talks aim to reopen the Strait of Hormuz, a conduit for 20% of the world's oil and LNG before the war, and to address Iran's nuclear program. Iran has largely closed the strait, causing energy prices to rise and stoking inflation. Oil prices fell more than 4% in early trading on Monday on hopes of a deal. Iranian Foreign Minister Abbas Araqchi held phone calls with Saudi and Pakistani officials, and negotiations between Tehran and Oman over the strait were reported to be in final stages. Separately, the U.S. and Japan confirmed coordinated yen-buying intervention to support the Japan — Japanese yen, which had fallen to 40-year lows. Trump described the intervention as a sign of friendship. The war began on February 28 when the U.S. and Israel launched surprise strikes on Iran, and a previous ceasefire deal fell through.