US President Donald Trump says a peace deal with Iran is largely negotiated, signaling a potential end to a conflict that has stretched nearly three months. Speaking publicly, Trump urged negotiators on both sides to take their time finalising the agreement rather than rush it through.
The statement marks a notable shift in tone from an active military confrontation to one where diplomatic closure appears within reach. Trump's call for patience suggests the remaining sticking points are real, and that a premature announcement could unravel progress already made.
Where Things Stand
The conflict between the US and Iran has been running for close to three months, a duration that has kept energy markets on edge and strained regional stability. Trump's public framing of the deal as "largely negotiated" is the clearest signal yet from the American side that a formal agreement is being drafted, not merely discussed.
Separately, reports indicate that Mojtaba Khamenei, son of Iran's Supreme Leader Ali Khamenei, is currently hiding in a secret location. His whereabouts have not been disclosed, and the reason for his concealment has not been officially stated. The detail points to continued uncertainty inside Iran's leadership structure even as talks progress.
Why It Matters
A formal end to US-Iran hostilities would carry wide consequences. Iran holds a significant share of global oil reserves, and prolonged conflict has kept a risk premium baked into crude prices. A verified ceasefire or peace agreement would likely ease that premium, putting downward pressure on oil prices and offering some relief to import-heavy economies, including India.
For businesses operating across the Middle East, a settlement would reduce operational risk and potentially reopen trade and investment corridors that have been frozen or avoided during the conflict. Financial markets globally have been pricing in geopolitical uncertainty, and a credible deal would remove one of the larger overhangs in that calculus.
Trump's specific instruction not to rush also carries its own signal. It suggests the US side believes it has negotiating leverage and is not under pressure to close quickly. That posture can work in two directions: it could produce a more durable agreement, or it could extend uncertainty if Iran's position hardens in the interim.
The situation inside Iran adds another layer of complexity. Leadership dynamics, particularly around figures close to the Supreme Leader, will shape how any deal is received domestically in Tehran. An agreement that cannot be sold internally to hardliners risks falling apart after signing, a pattern that has haunted previous US-Iran diplomatic efforts.
What to watch next: whether Iranian negotiators respond publicly to Trump's timeline framing, any official confirmation of a ceasefire date or signing ceremony, and how oil markets react as more details emerge. The fate of Mojtaba Khamenei's location and security may also offer indirect clues about how stable Iran's internal chain of command remains during this critical window.
Qatar's foreign ministry said mediators including Qatar, Pakistan, and Oman have reached "very progressive stages" in efforts to end the US-Iran war, pushing Brent crude down more than four percent.
Qatar confirmed it is mediating between the US and Iran but said no direct talks are currently planned. The clarification follows conflicting statements from President Trump, who claimed talks are under way, and Tehran, which denied any dialogue is happening.
Saudi Aramco reported sharply higher second-quarter 2026 profits as the Iran war restricts global oil supply and pushes crude prices up. Other oil supermajors also posted outsized earnings, raising concerns about sustained fuel cost pressure for importing economies.
President Trump called current Iran negotiations the "last chance" to end five months of conflict, pushing oil prices higher. Tehran denied formal talks are taking place, raising the risk of a diplomatic breakdown with direct consequences for global energy markets.
