President Donald Trump announced Monday that "friendly negotiations" are underway with Iran, coinciding with a three-day pause in strikes between the two nations. "I think there's a good chance that something could happen," Trump told reporters aboard Air Force One, expressing optimism for a resolution to the conflict.
Trump stated he decided to halt U.S. strikes on Friday at the request of mediating countries, a move mirrored by Iran's cessation of its attacks. This pause follows nearly two weeks of daily exchanges that had begun to unravel a ceasefire established in June. The U.S. military had previously said its strikes were intended to "degrade Iran's ability to threaten commercial shipping in the Strait of Hormuz," a critical global oil transit route.
In response to the potential de-escalation, oil prices fell by more than 9% on Monday, with futures settling at $87.59 a barrel.
Despite the president's remarks, Tehran has denied that any direct negotiations are taking place. Trump also addressed reports of declining U.S. ammunition stockpiles, asserting that Washington possesses "a lot of ammunition" and is actively increasing production, particularly of Patriot anti-ballistic missiles. White House spokesperson Anna Kelly echoed this sentiment, stating that the U.S. military has "more than enough munitions, ammo, and stockpiles to serve all of President Trump's strategic goals and beyond."