(Bloomberg) -- Oil fell after US President Donald Trump said new talks with Iran would begin on Monday after he called off a planned attack on the Islamic Republic. Trump said Sunday on Air Force One that he called off a massive attack on Iran after allies in the Middle East, including Saudi Arabia, asked him to pursue a deal instead. The prospect for shipping to resume through Hormuz — which carried about a fifth of the world's crude oil and liquefied natural gas in peacetime — remains uncertain. Iranian Foreign Minister Abbas Araghchi said Sunday on Telegram that negotiations between Iran and Oman are in the final stages. Most Read from Bloomberg Businessweek©2026 Bloomberg L.P.