Traders on decentralized betting platform Polymarket have scaled back expectations for U.S. military action against Iran amid reports that President Donald Trump's team is looking to mend fences.

The meeting, if it goes through, could be a make-or-break moment in the conflict and decide if the US will join the offensive in a bid to eliminate Iran's nuclear program.

European foreign ministers told their Iranian counterpart in a call on Monday to return to nuclear negotiations with the U.S. and refrain from escalating conflict with Israel, to which Iran's foreign minister said Tehran's priority was to confront Israel for now,

There will be no nuclear talks with Iran on Sunday, a senior U.S. administration official says, adding Washington still hopes Tehran will resume negotiations soon. “We remain committed to talks and hope the Iranians will come to the table soon,

Escalating tensions in the Middle East, triggered by Israeli airstrikes on Iranian military and nuclear sites and Iran's retaliatory missile launch, have derailed nuclear talks between Iran and the US.