00:00U.S. President Donald Trump said that new negotiations with Iran will begin on Monday
00:05after he decided to hold off on recent strikes over the weekend to allow diplomatic efforts to
00:10run their course. The Islamic Republic, however, denied talks were set to take place, insisting
00:16instead that it was speaking to Oman about how to manage the strategic Strait of Hormuz.
00:22Trump told reporters on Sunday that the fresh talks would cover the waterway,
00:26a key energy shipping route that has become central to the conflict and Iran's denuclearization.
00:32Now what we're doing is we're talking to them in the form of a negotiation.
00:36It begins tomorrow afternoon and we'll see if it's true. I'd love to do that, save a lot of lives,
00:42save a lot of unnecessary power, to be honest with you. It would take many, many years to ever build
00:50it back. If it could, I don't think it would be even buildable back. So we had a, we had
00:55an attack
00:56that would be the biggest attack since World War II and it would have been disastrous with them
01:04and they didn't want us to do it. And frankly, Saudi Arabia didn't want it either. They thought
01:09that a deal is imminent.
01:13The renewed hostilities between Washington and Tehran violates a memorandum of understanding
01:18signed in June instating a 60-day ceasefire window for negotiations over a permanent end to the
01:24fighting. The U.S. said it restarted attacks after Tehran targeted numerous commercial vessels in the
01:30key waterway, despite the agreement being in effect. The renewed strikes again caused global oil prices
01:37to spiral, where Brent crude currently sits at close to $80 a barrel, an almost 11% increase from
01:43six-month low of $72 in late June. Trump did, however, warn that the U.S. is, quote,
01:50locked and loaded, vowing to resume strikes on the country if talks do not prove fruitful quickly.
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