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US President Donald Trump called off attacks on Iranian energy infrastructure for five days to allow the talks to continue with Iran, marking a shift from confrontation to diplomacy. Trump indicated that Washington and Tehran have begun what he described as “very good and productive conversations” aimed at a full resolution of the escalating conflict in the Middle East.
The announcement comes after the war entered its fourth week. However, Iranian state media, responding to Trump’s latest post, said that the US President “backed down” fearing potential Iran reprisal. Iran denied direct talks with the US.
Soon after Trump’s ceasefire announcement, oil prices dropped sharply. The stock and bond market rose. Benchmark Brent crude fell by as much as 13% and was last down 6.5% at $104 per barrel.
The war has rattled the global energy supply chain with Iran almost closing the Strait of Hormuz, which plays a key role in the global energy supply chain, forcing India to stare at severe LPG crisis.
If both sides fail to clam down, the global energy markets would face major inflation and countries would be forced to ration fuel and gas, along with hiking the fuel prices.
The Strait of Hormuz, the major oil shipping channel to the world, will continue to face the impact of the war if neither of the parties agree to back down.
Tags Hormuz
