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Geopolitics · Iran · Oil Prices · Strait Of Hormuz
President Donald Trump announced a five-day postponement of US strikes on Iran's energy infrastructure, citing "productive conversations" and "major points of agreement" with Iran, which caused Brent crude to plunge from $112 to $96 a barrel, despite Iran denying direct talks and launching new attacks.
The decision follows an ultimatum for Iran to reopen the Strait of Hormuz, a vital waterway for one-fifth of global oil and LNG exports, which has been closed since the conflict began on February 28, 2026. Trump's envoys, Steve Witkoff and Jared Kushner, reportedly held discussions with an Iranian "top person," identified by Axios as Mohammad-Bagher Ghalibaf, though Ghalibaf denied any negotiations.
The US aims to prevent Iran from acquiring nuclear weapons, with Trump stating agreement on retaining Iran's uranium stockpile and prohibiting enrichment. However, Iran immediately challenged de-escalation hopes by firing fresh missiles and drones at Israel and US targets.
The ongoing conflict has killed at least 4,200 people, damaged over 40 energy sites across nine Middle Eastern countries, and caused US gas-pump costs to rise daily, creating domestic pressure on Trump ahead of November midterm elections.
