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Trump signals progress in Iran talks as oil falls

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Ongoing: US mid-terms Hot

US President Donald Trump said on Monday a deal with Iran "could happen", and Iran offered to reopen the Strait of Hormuz on conditions. Oil prices fell by more than seven percent that day.

Iran's Foreign Minister Abbas Araghchi told state media that indirect talks with Washington were taking place through mediators. He said consultations were very intensive. US Vice President JD Vance said the US had made some progress and would see if it could make more.

A senior Iranian official said Tehran was ready to open the strait within two days if Washington agreed to its list of demands. Trump wrote on his Truth Social platform that Iran wanted a settlement as soon as possible.

Hours later, a Wall Street Journal report said the US had carried out a string of limited, secret strikes on Iran in recent weeks. Iranian state media reported five explosions on Qeshm island. The report weakened the diplomatic overtures.

Iranian foreign ministry spokesman Esmaeil Baqaei warned that any act of aggression would meet a response that was powerful, immediate and comprehensive. Trump said he might still have to give Iran "the hammer" at some point. He said he also had to deal with one or two targets, including Pickaxe mountain, a suspected nuclear site that Tehran denies is one.

Key facts

Who
Donald Trump (US President); JD Vance (US Vice President); Abbas Araghchi (Iran's Foreign Minister); Mohammad Reza Aref (Iran's First Vice President)
What
Trump said a deal with Tehran "could happen" and Iran's foreign minister said indirect talks via mediators were intensive. Hours later, a Wall Street Journal report said the US had attacked Iran in a string of limited strikes, a report that dashed the diplomatic overtures.
When
2 November 2026
Where
Washington, Iran, Strait of Hormuz
Status
Reported

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