INSEAD Day 4 - 728x90

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Expansion drives earnings, revenue growth.

Borouge profit climbs 23%

Prices, recovery boost quarterly earnings

e& posts 11.6% revenue growth

The H1 net profit hits $1.63 billion.

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Revenue, occupancy drive earnings higher

DAE H1 profit $229m

Growth triggered by higher earnings, stron cash flow

Trump says fresh negotiations with Iran to begin after calling off strikes

An Iranian woman participates in a pro-Government rally in Tehran, Iran, on January 12, 2026. (AFP file)
  • Oil prices tumbled as war fears eased, while shipping disruptions persisted around Hormuz.
  • Meanwhile, Israeli strikes killed at least 18 Palestinians in Gaza since Friday despite Trump's Board of Peace announcements.

Dubai, UAE — US President Donald Trump said negotiations with Iran will begin on Monday after he cancelled planned military strikes against the Islamic Republic, saying diplomacy now offered the best chance of reaching a rapid agreement and avoiding a wider regional war.

Speaking aboard Air Force One, Trump said Iran had been aware of the scale of the planned US operation and that negotiations would begin “tomorrow afternoon” instead.

Trump also said the United States and Israel had agreed to hold off on further strikes provided a deal could be reached quickly.

The US president revealed that American forces had been prepared to launch what he described as “the biggest attack since World War II” on Sunday before he decided to cancel the operation.

Trump said his decision was shaped by appeals from Gulf allies, particularly Saudi Arabia, Qatar and the United Arab Emirates, as well as requests conveyed by unnamed Iranian officials. He said Saudi Crown Prince Mohammed bin Salman was among the regional leaders urging Washington to allow diplomacy more time rather than escalate the conflict.

The comments expand on reporting by Axios on Sunday that Mohammed bin Salman privately urged Trump during a phone call not to widen the war with Iran. According to the report, the Saudi crown prince argued that further military action could destabilise the Gulf, threaten regional security and derail efforts to revive negotiations over Iran’s nuclear programme. The intervention reflected a broader push by Gulf Arab states to prevent another regional conflict that could endanger energy exports and economic stability.

The diplomatic breakthrough came as violence continued elsewhere in the Middle East.

Israeli air strikes killed at least 18 Palestinians in Gaza despite Trump’s announcement of progress towards implementing last year’s ceasefire agreement. Israel also said it continued to have serious concerns over proposals for Hamas’s disarmament, casting doubt over prospects for a broader truce.

Maritime security concerns also remained elevated. A tanker off the coast of Oman reported an explosion nearby, although the vessel and its crew were safe, according to the UK Maritime Trade Operations centre. Shipping data showed two Saudi oil tankers transited the Bab el-Mandeb Strait over the weekend, while traffic through the Strait of Hormuz slowed following reports of attacks on vessels.

The easing of immediate military tensions nevertheless prompted a sharp market reaction, with Brent crude and US West Texas Intermediate both falling more than six percent after Trump’s decision to suspend strikes in favour of negotiations.

Separately, Iran said it was close to reaching an agreement with Oman on a new shipping route through the Strait of Hormuz, while Iranian media reported the crew of a commercial vessel struck in a Ukrainian attack had returned home along with the body of a sailor killed in the incident.

The developments underscore a fragile moment for the region, with renewed US-Iran diplomacy offering a potential path away from conflict even as fighting in Gaza, maritime security risks and uncertainty over a ceasefire continue.