Main developments
Donald Trump said the US had held “very good and productive” conversations with Iran over ending the war in the Middle East. As a result of talks over the past two days, he said he had delayed possible strikes on Iranian energy sites and power plants.
Iran denied holding talks with the US government but confirmed that mediation efforts were under way by other nations.
Countries including Pakistan and Turkey stepped up efforts to broker an end to the war in recent days, including holding separate talks with Iranian and US officials.
Israeli Prime Minister Benjamin Netanyahu said Trump was seeking a deal with Iran that “protects [Israel’s] vital interests”.
Brent crude closed below $100 per barrel for the first time since March 11 as Trump played up the prospect of a diplomatic end to the war.
Traders placed $580mn in oil bets ahead of Trump’s post on Iran talks
Traders made bets worth half a billion dollars in the oil market about 15 minutes before Donald Trump’s post touting “productive” talks with Iran sent the price of crude tumbling and ignited volatility in other assets.
Roughly 6,200 Brent and West Texas Intermediate futures contracts changed hands between 6.49am and 6.50am New York time on Monday, just a quarter of an hour ahead of the US president’s post on Truth Social that recently there had been “productive conversations” with Tehran to end the war in Iran.
The notional value of those trades was $580mn, according to FT calculations based on Bloomberg data.
Trading volumes for Brent and WTI leapt at the same time, 27 seconds before 6.50am. Futures tracking the S&P 500 share index jumped in price moments after the oil trade, with volumes also rising significantly during that timeframe.
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Syria’s army says base in north-east struck by missile launched from Iraq
Syria’s army has said one of its bases in the country’s north-east was attacked by missiles launched from Iraq.
The base was home to US troops until earlier this month when Washington handed it over to Syrian government forces, a Syrian official told the FT.
It would mark the first time since the start of hostilities in the region that an attack was launched at Syria from neighbouring Iraq, where Iran-aligned Shia militia groups have been attacking US diplomatic and military installations in Iraq.
Syrian authorities said they discussed the matter with their Iraqi counterparts, who said a hunt was on for the perpetrators.