Netanyahu presses Trump for Iran strikes after midterms, officials say; oil falls over 7% on deal hopes

Israeli Prime Minister Benjamin Netanyahu is pressing US President Donald Trump to carry out another round of strikes on Iran once Tuesday's US midterm elections are over, the Associated Press reported, citing two regional officials and a third person familiar with the matter. Axios also reported that Netanyahu pushed for new strikes while Trump preferred to let negotiations run their course.

According to the AP, Netanyahu raised the issue during a weekend phone call in which Trump did not commit to military action. Other US partners in the region have warned that renewed strikes would destabilise the Gulf. The Israeli government did not immediately comment, and the White House did not directly answer questions about the call.

Trump: 'no rush'

Trump told Axios on Monday that there was no hurry to decide whether to resume military operations, saying talks with Tehran were going fine and that Washington would act "one way or the other". In a social media post, he said oil prices were "dropping like a rock" and that Iran wanted a settlement as soon as possible. Vice President JD Vance told Fox News that he and the president felt "pretty good" about the chances of a negotiated settlement.

Qatar is leading indirect contacts between the two sides. Iran's state news agency IRNA said Supreme Leader Mojtaba Khamenei had given the government powers to speed up negotiations. Iranian Foreign Ministry spokesman Esmaeil Baghaei said the responsibility for moving talks forward lay with Washington and repeated Tehran's demand that the US end its naval blockade. Foreign Minister Abbas Araghchi said Iran was ready for diplomacy but would respond more strongly to any new attack.

Tension at sea continues

Britain's UK Maritime Trade Operations centre separately reported that a vessel in the strait was hit by an "unknown projectile" that left a hole in the ship, with all crew reported safe.

Oil slides on deal hopes

Brent crude fell about 7% on Monday to settle near $105 a barrel, while US benchmark WTI dropped below $100, according to market reports. Analysts cautioned that the market has seen several false starts on Iran diplomacy in recent months.

For India, which imports most of its crude oil and depends heavily on Gulf supplies, a lasting fall in prices would ease pressure on the import bill and fuel costs. The safety of shipping through Hormuz also matters for the large number of Indian seafarers working in the region.