Live updates: Trump says he sees no reason to escalate war with Iran, touts long-term goals in conflict

The price of Brent crude oil, the international standard, fell 2% early Monday morning to $96.38 a barrel, continuing a downward trend seen for more than a week as markets appeared hopeful that President Trump would question a return to full-scale war with Iran.

Benchmark U.S. crude also fell, down 1.5% on Monday morning to $89.56 a barrel.

Oil prices have risen significantly since the United States and Israel launched war against Iran, and Iran has responded by attacking and threatening commercial shipping on key energy supply routes in the Persian Gulf and the Strait of Hormuz. They remain about 50% higher than a year ago, before the war began, but down from the highs seen at the height of the fighting, when Brent crude soared to nearly $120 a barrel.

Iran’s Foreign Ministry spokesperson said Monday that Tehran’s proposal to reduce the deadline for implementing a possible peace deal with the United States to two days, from seven days previously, was a “sign of goodwill.”

Foreign Ministry spokesperson Esmaeil Baqaei told Iranian journalists that any agreement with the United States must include the fundamental conditions agreed by both parties within the framework of the previous so-called Islamabad agreement in June. This agreement called for the lifting of US sanctions on Iran as well as a US naval blockade of Iranian ports, the unfreezing of Iranian assets and a ceasefire on all fronts in the Middle East.

“If the other side is even remotely serious, Iran can fulfill its own commitments within two days,” he added. “We have already demonstrated that we are serious about honoring our commitments.”

The previous ceasefire collapsed after several weeks, when Iran declared that the continued US naval blockade was a violation of its terms.

On Sunday, Secretary of State Marco Rubio downplayed the likelihood of an imminent deal with Iran, calling Tehran’s demands “unacceptable.”

The Trump administration has pushed for Iran to accept conditions on its nuclear program as part of an initial peace deal, but Tehran has long insisted that discussions on the subject could only begin after the fighting and threats end.

Secretary of State Marco Rubio on Sunday evening tempered expectations of an imminent deal between Iran and the United States.

Before heading to Paris for a G7 meeting, Rubio said the two sides are not “close to reaching a breakthrough, while reiterating that the president prefers a diplomatic solution.”

“So far it hasn’t been very productive because the Iranian demands are simply not unacceptable,” Rubio told reporters.

He added that he expects the G7 allies to have many questions about the conflict and the next steps.

CBS/AFP

President Trump is scheduled to meet with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani at the White House on Monday.

Qatar was one of the main mediators in indirect negotiations between the United States and Iran aimed at reaching an agreement ending the conflict.

According to sources cited by Axios, Al Thani, who is one of the main mediators in these talks, is counting on Mr. Trump to allow more time for diplomacy.

President Trump said in an interview broadcast Sunday that he saw no reason to escalate the war against Iran and was “not looking” to do so.

“Well, I’m not considering doing it. I don’t think there’s any reason to do it,” Mr. Trump told 60 Minutes when asked if he was considering escalating the war.

However, the president forcefully defended his decision to start the conflict in late February, while acknowledging that there have been negative impacts in the meantime.

“I think historically it will be a very good decision,” Mr. Trump said. “Is this a good decision for today and tomorrow? Maybe not.”

The president cited Iran’s nuclear program as the main reason for starting the war, adding that he did “what is right for our country.”

Read the full transcript of Mr. Trump’s 60 Minutes interview here.

President Trump said Sunday that the new U.S. military task force tasked with extending the naval blockade of Iran “is in full force.”

“Task Force Iron Gate is in full force in the Islamic Republic of Iran. Coupled with the largest naval blockade in history, very little is coming in or out of Iran!” said Mr. Trump in a Truth Social article.

Task Force Iron Gate aims to extend the success of the naval blockade to land trade routes, US Central Command announced Saturday.

The group will be tasked with preventing military technology and illegal revenue flows from entering or leaving Iran’s borders, including via the Caspian Sea, but it was unclear whether a military force would be mobilized.