US President Donald Trump announced over the weekend that the United States and Iran have held “very good and productive conversations” and that he will postpone military strikes on Iranian power and energy infrastructure for five days. Trump cited the “tone and tenor” of the discussions as the reason for the pause.
Oil prices react to developments
The announcement immediately affected global markets. Brent crude fell more than 7% to below $99 a barrel, while WTI dropped 8% to $90 a barrel. Oil prices had spiked earlier amid fears of conflict in the Strait of Hormuz, a key global shipping route.
Iran disputes dialogue claims
Despite Trump’s statement, Iranian authorities have denied holding talks with Washington. State-affiliated media outlets reported that Iran viewed Trump’s claims as an attempt to reduce energy prices and gain time for military planning. The Islamic Revolutionary Guard Corps (IRGC) reiterated that it would retaliate against any attacks on its power plants and could close the Strait of Hormuz indefinitely if strikes occur.
Regional tension and threats
The situation escalated after Trump threatened to “hit and obliterate” Iranian power plants if the Strait of Hormuz was not reopened within 48 hours. Iran’s Parliament Speaker Mohammad Baqer Qalibaf warned that any US attacks could lead to irreversible damage to critical infrastructure across the Middle East. The Iranian representative to the UN maritime agency confirmed that the strait remains open except for vessels linked to “Iran’s enemies.”
Looking ahead
The US Iran talks are expected to continue throughout the week, according to Trump, while Iran maintains a firm stance denying dialogue. Market watchers and geopolitical analysts continue to monitor the situation closely, as any military escalation could have significant regional and global implications.
Also read: Starmer and Trump discuss reopening Strait of Hormuz
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