Is the U.S. in Talks With Iran to Potentially End the War?

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Danny Lewis (0:33)

President Trump says there are talks with Iran and hints at an end to the war. But Iran says there's no discussions with the US. On Wall Street, investors tracked Trump's comments, sending stocks soaring and oil tumbling.

Hannah Erin Lang (0:46)

So the mood has pretty much flipped entirely on its head. Last week it was, you know, let's buy energy stocks, let's maybe go back to our safe havens. The mood is different today. Folks want to take on a bit more risk because this is good news.

Danny Lewis (1:00)

And the US. Supreme Court appears sympathetic to Republican arguments against mail-in ballots that arrive after Election Day. It's Monday, March 23rd. I'm Danny Lewis for The Wall Street Journal, filling in for Alex Osela. This is the PM Edition of What's News, the top headlines and business stories that moved the world today.

President Trump today said the US military would postpone strikes on Iranian power plants and energy infrastructure for five days, following, quote, productive talks between Washington and Tehran. He said talks would continue today. He told reporters there were several points of agreement between the US and Iran over a potential deal to end the war. Trump said a deal with Iran would prohibit nuclear weapons and involve regime change. He then said Iran wants to settle the war. Iran denied Tehran was in talks with the US., but acknowledged countries in the region were trying to get diplomacy going. Arab officials say they have been talking separately with both sides, but that Iran has set a high bar for ending hostilities. White House reporter Alex Leary spoke with our colleague Pierre Bienamé.

Pierre Bienamé (2:09)

Alex, what do we know about the current state of these negotiations? Who is leading them?

Alex Leary (2:13)

Yeah, it's still very much unclear. That was a surprise truth social post by President Trump early this morning. Sort of sent shockwaves across Washington and beyond.

And we don't know exactly who is talking. The Iranians denied any talks at all, but suggested that Gulf partners have been in contact with both sides. And that seems to be where the talks are playing out. Trump also mentioned that a top Iranian official is participating, but we don't know who that may be.

Pierre Bienamé (2:40)

Saturday, the president threatened to obliterate power plants in Iran if they didn't reopen the Strait of Hormuz. This is a change of tone from the White House?

Alex Leary (2:49)

Absolutely. It's a jarring shift. Trump was very much in an aggressive posture over the weekend. And here comes now where he's talking about deescalating this and having talks and really seeking a way out.

Pierre Bienamé (3:01)

How does this deescalation compare to anything we've seen in the war so far?

Alex Leary (3:05)

Yeah, this is definitely the most concrete, though again, a lot of details remain unsettled and unknown. They want to decapitate Iran's nuclear capabilities and get its enriched materials, etc. But it seems like a more concerted effort from the White House to get something done here. Trump is facing immense pressure economically and politically back home. So this represents a more major push if it comes to fruition.

Pierre Bienamé (3:31)

And Alex, you touched on this a little bit earlier. But what has Iran said about these negotiations so far?

Alex Leary (3:35)

They denied having any talks and sort of mocked Trump for trying to find a way out simply to satisfy and calm down US markets. It appears that much of the talking is going on through intermediaries in the Gulf. These countries are desperate to find an end to this war. They are getting hit and fear additional retaliation, especially if Trump filed through on hitting Iran's energy capabilities. So they are trying to play middleman here. And it appears like there may be at least a crack in the window of making that happen.

Pierre Bienamé (4:07)

But Iran has set a high bar for ending hostilities. What does that mean for a potential deal?

Alex Leary (4:13)

The challenges remain immense here. This is a decidedly intense war, much more intense than the US thought, certainly Trump thought. And Gulf partners are getting pounded themselves and drawn into this. President Trump has said he was surprised that Iran would go after them. These are countries that the US has made strong economic ties with. And President Trump is very proud of that. So he's under pressure to deliver for his partners there on the Gulf.