Trump will meet Gulf leaders on Tuesday at the UN, a possible first step toward a deal with Iran and good news for markets hoping the war and high gas prices end sooner.

• A Monday meeting between Gulf states and Iran was delayed after the Houthis hit fuel facilities on Saudi Arabia's East West pipeline.
• Trump will now meet Saudi, Kuwaiti, Bahraini and Omani leaders on Tuesday, right before those countries likely resume talks with Iran.
• This is a shift from the White House line that the war could last through Trump's term and that Americans would accept higher gas prices to keep Iran from getting a nuclear weapon.
• Traders are betting on the "Trump always chickens out" pattern, where tough talk gives way to a deal.

Outlook: Watch Tuesday's meeting for signs of a real negotiation with Iran; it could be false hope, but the tone has clearly softened.