US President Donald Trump called off threatened strikes on Iran, saying the “perimeters of a deal” were in place, sending oil prices tumbling 5%.
Iranian diplomats reacted positively to a plan presented by Qatari mediators to restore traffic through the Strait of Hormuz, which usually carries 20% of the world’s oil, The Wall Street Journal reported.
But the Saudi crown prince reportedly pressed Trump to hold off signing: Gulf states now hold more sway with the president than Israel, one former Israeli intelligence official argued.
Five months of oscillation between bombing and negotiation have left Trump with no good options. “He’s looking for a knockout blow when there is none,” one analyst told The New York Times.