US President Donald Trump’s about-face on his ultimatum for Iran has taken the heat off oil prices – even as Tehran denied his claims that the two countries had spoken.

President Donald Trump’s sudden turnabout and, according to him, rapidly advancing peace talks made for an abrupt shift in the administration’s approach to the Iran war.

Saudi Arabia’s Red Sea port of Jeddah is bracing for an increase in business over the next two weeks. On a breezy Sunday afternoon, the five ships on its platforms were fewer than its usual traffic, but with the near closure of the Strait of Hormuz and airspaces of countries along the Persian Gulf, the kingdom’s west coast ports are providing a safer lifeline to and from the region.