Economy March 29, 2026

Trump Says Direct Talks With Iran Are Underway; Says a Deal Could Be Near

President reports negotiations progressing and cites recent U.S. strikes and concessions of oil shipments as signs of movement, while hostilities continue across the region

By Nina Shah
Trump Says Direct Talks With Iran Are Underway; Says a Deal Could Be Near

President Donald Trump told reporters aboard Air Force One that direct and indirect negotiations with Iran are taking place and that a deal "could be soon." He repeated claims that recent U.S. strikes had degraded Iran’s military capabilities and said Tehran had allowed about 20 oil tankers to transit the Strait of Hormuz. Iran has largely denied direct talks and demanded a halt to hostilities before negotiations can begin. Fighting between Iran, Israel and allied groups continued over the weekend while the U.S. was observed moving thousands of troops into the region.

Key Points

  • President Trump said direct talks with Iran are ongoing and described negotiations as going "extremely well," adding a deal "could be soon." - Markets and geopolitics: potential impact on risk sentiment and regional stability.
  • Trump asserted recent U.S. strikes killed several top Iranian officials and claimed Iran's air force, navy and missile launch capabilities had been degraded - Defense sector and defense contractors may be affected by continued military operations.
  • The president said Iran allowed about 20 oil tankers to transit the Strait of Hormuz and described that as a concession; reports specified the vessels were Pakistani-flagged - Energy and shipping sectors are directly exposed to changes in Strait of Hormuz traffic and supply risk.

President Donald Trump said on Sunday evening that direct negotiations with Iran were ongoing and that an agreement with Tehran might be close.

Speaking to reporters aboard Air Force One, the president described talks as going "extremely well" and suggested a deal was possible while acknowledging it was not guaranteed. "I think we'll make a deal with them, but it's possible we won't," he said. When pressed further, he added, "I do see a deal with Iran, could be soon," without offering a specific timeline.

Trump framed the talks against a backdrop of recent U.S. military action, referencing what he characterized as "regime change" in Tehran after strikes that, he said, killed several top Iranian officials in the past month. He also reiterated broad claims about the effects of U.S. operations on Iran's military, saying Washington was "weeks ahead of schedule" and had "wiped out Tehran's air force, navy, and missile launch capabilities."

On questions of a possible ground invasion, the president declined to commit either way on whether U.S. forces would put boots on the ground in Iran.

Trump also said Iran had permitted roughly 20 oil tankers to pass through the Strait of Hormuz, which he presented as a concession to the United States. He told reporters that "We are negotiating with (Iran) directly and indirectly... they gave us 20 boats of oil, big big boats of oil going through the Hormuz Strait," and added that the movement would begin "tomorrow morning." Separate reports over the weekend said Iran had allowed 20 Pakistani-flagged vessels to transit the waterway.

Tehran has largely denied that direct talks with Washington have taken place since the late-February onset of the war and has insisted that hostilities must stop before any negotiations can proceed.

Despite the signaling of talks, hostilities in the Middle East persisted over the weekend. An attack by Yemen's Houthi movement against Israel opened what U.S. and regional officials described as a potential new front in the conflict. Iran and Israel continued to exchange strikes, and U.S. movements into the region were reported as involving thousands of troops.


Contextual note: The statements above reflect the president's comments to reporters and public reporting on recent movements and incidents; Iran has publicly disputed that direct negotiations have occurred and has articulated a prerequisite of a cessation of hostilities for talks to proceed.

Risks

  • Iran has largely denied direct talks took place and demands a cessation of hostilities before negotiations, creating uncertainty over the durability and scope of any diplomatic progress - this uncertainty affects energy markets and regional trade routes.
  • Hostilities continued over the weekend, including Houthi attacks on Israel and ongoing exchanges between Iran and Israel, while the U.S. has deployed thousands of troops to the region - continued conflict presents operational and financial risk for energy, shipping, and defense-exposed markets.
  • The presidency declined to clarify whether U.S. ground forces would enter Iran, leaving the prospect of escalation unresolved and increasing policy and market uncertainty - potential implications for insurance, shipping costs, and oil price volatility.

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