Trump Says U.S. and Iran Held Productive Talks, Threatens Renewed Attacks Without Deal

President Trump said the U.S. has held very good talks with Iran over the last few days and that Iran has agreed it will not have a nuclear weapon. He added that a deal could be within reach after productive discussions in the past 48 hours. Trump posted on social media threatening Iran with more attacks if it does not agree to a deal.

Following reports of possible proximity to a 14-point memorandum of understanding, he warned that combat operations against Iran would resume at a significantly increased tempo absent an agreement. A proposed U.S.-Iran memo would pause the war for 30 days to seek a final deal.

The memo answers elements of Iran's 14-point plan although nuclear talks would be left for later.

U.S. crude oil prices plunged more than 10 percent on reports of advanced talks between the U.S. and Iran. Oil prices dropped further and stock markets rose after the reports of a potential deal to end the two-month war. Wall Street soared overnight and U.S. crude prices fell 13 percent after China's foreign minister called for a comprehensive ceasefire in the Iran war.

The developments sparked optimism that the conflict could end soon.

The moves come after days of escalation in the conflict that began with U.S. and Israeli attacks on Iran in February. Sharp price rises in oil and gas have followed the outbreak of the war. The United States has served as the world's swing supplier of energy commodities during the resulting global shortage.

U.S. shipments of crude oil, gasoline, LNG, diesel, jet fuel and ethane surged 20 percent year-over-year to 153 million tons from January to April.

“We've had very good talks over last few days. Iran won't have a nuclear weapon, they've agreed.”

Norway's government approved plans to reopen three North Sea gasfields nearly three decades after they were closed and gave exploration approval for 70 new areas in the North Sea, Barents Sea and Norwegian Sea. The decision aims to help fill the energy supply gap created by the Middle East war but drew fierce criticism from fossil fuel opponents.

The developments reflect broader efforts to stabilize energy markets amid the conflict while diplomatic talks continue.