Global energy markets and diplomatic channels rattled on Monday as U.S. President Donald Trump said Iran could initiate contact to restart negotiations over the ongoing conflict, even as Tehran moved to deepen talks with Russia following stalled peace efforts.

“If they want to talk, they can come to us, or they can call us. You know, there is a telephone. We have nice, secure lines,” Trump said in an interview with “The Sunday Briefing” on Fox News.

The comments came as Iranian Foreign Minister Abbas Araqchi met Russian President Vladimir Putin, seeking diplomatic backing after a weekend of failed mediation efforts involving Pakistan and Oman.

Market reactions were immediate. Oil prices rose and U.S. stock futures slipped in early Asian trading, reflecting investor concern over the breakdown in talks and continued disruptions to key shipping routes, including the Strait of Hormuz, a critical artery for global oil flows.

The diplomatic setback followed Trump’s decision to cancel a planned visit by U.S. envoys Steve Witkoff and Jared Kushner to Islamabad, a move that further reduced expectations of near-term progress in negotiations.

Trump maintained that Washington’s position remained firm. “They know what has to be in the agreement. It's very simple: They cannot have a nuclear weapon; otherwise, there's no reason to meet,” he said.

At the center of the dispute remains Iran’s nuclear program and demands over uranium enrichment rights, which Tehran insists are for peaceful purposes. Western governments have repeatedly raised concerns about its potential military use.

While a fragile ceasefire has paused full-scale fighting that began with strikes in February, no framework has been agreed to formally end the conflict, which has already disrupted global trade routes and added pressure to inflation and energy markets.

Iran has also sought leverage in negotiations through its influence over the Strait of Hormuz, a vital passage for global oil shipments. Reports cited by Axios said Tehran had floated a proposal involving the reopening of the waterway in exchange for a phased approach to nuclear talks.

Iranian officials have meanwhile maintained that negotiations cannot proceed under pressure. President Masoud Pezeshkian reiterated that Tehran would not engage in what it described as “imposed negotiations” while facing military and maritime restrictions.

As diplomatic efforts shift between mediators and major powers, the conflict continues to weigh on global markets and heighten uncertainty over energy security and trade stability.