Trump said the US gave Iran a week off for Khamenei's funeral, claiming Tehran is eager to settle. Oil markets watch for resumption of talks after July 9.
President Donald Trump said the United States gave Iran a week off from military pressure for the funeral of late Supreme Leader Ali Khamenei. Speaking at Mount Rushmore during the 250th anniversary of U.S. independence, Trump claimed Tehran is eager to reach a settlement.
"We knocked the hell out of Iran. They're dying to settle. They want to settle so badly. We gave them a week off for a funeral, because we're nice," Trump said, according to news agency ANI.
The funeral processions began in Tehran on Friday and will continue through Qom, Najaf, Karbala, and end with burial in Mashhad on July 9. Crowds at the Tehran ceremony chanted "Death to America!" – a slogan common since the 1979 revolution and U.S. embassy hostage crisis.
Trump's comments came after Qatar and Pakistan concluded separate meetings with U.S. and Iranian negotiators in Doha on July 1. Qatar's foreign ministry spokesperson said the parties reported "positive progress" on issues related to the 14-point Memorandum of Understanding. The next round of talks will be scheduled after the funeral processions conclude.
The pause creates a window of uncertainty for markets that had been pricing in a gradual de-escalation between Washington and Tehran. Oil traders watch for any sign that the temporary halt in hostilities could break down – or that the funeral itself could trigger a new flashpoint. Iran's position as a major OPEC producer means any disruption to its export capacity would tighten global crude supply.
Defense contractors with exposure to Middle Eastern operations also face a binary outcome. A successful resumption of talks could reduce the risk premium baked into stocks like Lockheed Martin and RTX. A collapse in negotiations or a new incident during the funeral week would push that premium higher.
The Qatar spokesperson said the next meeting would be scheduled "at the earliest possible time" after the burial. Until then, the market's focus stays on the funeral route – and on whether the chants in Tehran reflect the leadership's posture or the crowd's.
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