The US and Iran held their first talks since a ceasefire collapsed in June, after months of intermittent fire between the two sides, according to the BBC.

Before the meeting, Trump said Iran must choose between a peace deal and "annihilation," per The Independent. He later said the meeting with the Iranian delegation went well, according to a separate Independent report.

Why it matters: durable de-escalation would ease pressure on oil markets and reduce the risk of a wider Middle East war; a second collapse would revive a confrontation that has already reached Gulf shipping routes and Washington's regional allies.