US President Donald Trump on Monday announced a five-day postponement of strikes against Iran’s energy infrastructure following “productive conversations” with Tehran. Speaking about the key Strait of Hormuz, Trump said it could be “opened very soon” and vaguely suggested it might be “jointly controlled” by him and the Ayatollah.
The remarks came amid escalating tensions after the US-Israeli strikes on Iran on February 28 that killed over 2,000 people. The Strait of Hormuz, which handles 20% of the world’s oil and LNG, has been virtually blocked since then, affecting global energy markets. Trump’s comments sparked market reactions, with Brent crude futures falling, the dollar weakening, and stock markets rallying.
Despite Trump’s claim of ongoing “productive” talks, Iran’s Fars news agency stated there were no direct or indirect communications with the US. Trump also noted potential “regime change” and praised the negotiators as “very reasonable, very solid.” His remarks, however, drew confusion and trolling over the undefined control of the strait.
The US-Iran conflict has already caused a spike in fuel costs and heightened global inflation fears. Analysts say the future of the Strait of Hormuz will remain critical for global energy security depending on diplomatic progress.