Trump says U.S.-Iran talks will take place this week as oil prices surge

  • Trump said additional U.S.-Iran talks will occur this week and the war will end soon.
  • 22 million barrels moved through the Strait on the 25th, Axios reported.
  • Indirect talks could begin on the 28th, but few expect a substantive breakthrough.

U.S. President Donald Trump said additional talks with Iran will take place this week and that the war will end soon, as rising gasoline prices put pressure on the administration ahead of the midterm elections. The remarks, made to Axios on the 27th, were viewed as an effort to restrain oil prices by keeping open the prospect of an end to the conflict. Trump said Iran wants a deal but is demanding terms he would not accept, and said he is always considering whether to resume strikes. The previous day, he said he rejected Iran's proposed seven-day plan to reopen the Strait of Hormuz (a key global oil chokepoint). Indirect talks could begin as early as the 28th, although Axios said the sides remain far apart: Iran is focused on the strait and the U.S. naval blockade, while the Trump administration is seeking nuclear concessions. Politico said talks could occur on the 28th but that few seriously expect a substantive breakthrough. Trump also said more than 20 million barrels of oil passed through the strait over the weekend; Axios, citing a U.S. Defense Department official, reported that 22 million barrels moved through on the 25th. Before leaving the White House for Chicago, Trump said the war would end soon and oil prices would plunge, adding that prices were lower than under the Biden administration. A chart he posted on Truth Social showed international oil prices above $100 a barrel for 308 days during former President Barack Obama's two terms, 83 days under the Biden administration, zero days during Trump's first term and 24 days during his second term.

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