Iran live updates: Trump holds off strikes, weighs diplomacy, stockpiles, sources say

President Donald Trump said Monday that U.S. and Iranian representatives are meeting for renewed peace talks amid a lull in fighting, even though Iran continues to publicly insist it is not currently negotiating with the U.S.

"They want to meet, and we're meeting," Trump said. "We'll see what happens. There's a chance we could make a deal, but without what we did they wouldn't even be talking to us. They requested a meeting through their surrogates and directly, and we're meeting."

Trump also said he is not in a rush to reach a deal with Iran.

“I have plenty of time,” Trump told reporters when asked how much patience he had.

Asked whether he and Israeli Prime Minister Benjamin Netanyahu are on the same page, Trump indicated that they mostly are. Trump said if Iran does not make a deal, the U.S. will "go back to the same thing."

"Yeah, for a little difference, but pretty close,” Trump said. “Yeah. Well, Iran took a beating over the last 14 days, and they asked us very nicely, 'Please stop, let's meet.' And that's where we are right now, let's see what happens. If we don't make a deal, we go back to the same thing.”

-ABC News’ Michelle Stoddart

President Donald Trump told Axios he is prepared to return to “very strong military action” in Iran if talks fail and that he’s not willing to give diplomacy “much time.”

"We are in very deep talks with Iran. If they don't work out, we will go back to very strong military action," Trump said in the interview.

Axios said it asked Trump how long he's willing to give diplomacy. Axios said Trump responded, "Not much time. Either it goes fast or not at all.”

Trump is reported as saying he paused the nearly two-week long-assault on Iran after “all of the people that deal with Iran asked me: ‘Don't fire.’”

-ABC News’ Fritz Farrow

Saudi Arabia's Ministry of Defense said Monday that its forces intercepted "a number of drones coming from Iraqi territory."

The drones were targeting oil facilities in the east of the country and around Riyadh, the statement said.

-ABC News' Victoria Beaule

President Donald Trump has put off a major escalation with Iran in favor of an effort to revive diplomacy to open the Strait of Hormuz, two sources told ABC News.

The sources said the president was prepared to carry out a series of attacks as he headed into a meeting with top advisers and officials on Friday, having publicly warned that a massive attack could be on the horizon.

But Trump then decided to hold off on an escalation, according to sources, who also stressed that Trump retained the option to change his mind and carry out more strikes.

Sources said top officials discussed the impact a major escalation could have on the Pentagon's depleting stockpiles of air defense interceptors, including Patriot anti-missile interceptors.

Trump has denied any munitions shortages, telling The Wall Street Journal, "We have far more munitions than anyone in the world, and far more than we need."

U.S. Ambassador to the United Nations Mike Waltz said on Sunday that Secretary of Defense Pete Hegseth "inherited a depleted situation," but also insisted "the U.S. has everything that it needs to conduct this campaign as effectively as it needs to be."

White House communications director Steven Cheung said in a statement, "President Trump has always been consistent in saying he prefers a diplomatic solution, but he continues to retain all options if Iran continues terrorist activities in the Strait of Hormuz or against allies."

"Combined with successful sanctions that have crippled Iran's economy and 13 straight days of strikes against military targets in response to their repeated aggression, it would be wise for Iran to work towards a negotiated deal. Otherwise, they know what will happen," Cheung added.

The New York Times first reported the president's decision to delay military escalation.

-ABC News' Rachel Scott