Overview
- The president said the U.S. and Iran held “good and productive discussions” over the past two days and that any action will hinge on the talks’ outcome.
- Less than a day before his 48-hour ultimatum was due to expire, he postponed planned attacks on Iranian power plants that he had threatened if the Strait of Hormuz was not fully reopened.
- Iran-linked outlets denied any talks and officials warned of wider strikes on energy, desalination and IT infrastructure, while Israeli commanders cautioned that regional facilities in Qatar, Kuwait, the UAE and Saudi Arabia could be targeted if U.S. strikes proceed.
- Tehran has maintained an effective blockade of the Strait since late February after U.S. and Israeli air raids, though tankers from some “friendly” states have transited, and Iran has threatened to lay mines if its territory is assaulted.
- Markets rallied on the announcement as Brent fell more than 10% below $100, after weeks of price spikes that prompted a record IEA stock release and a temporary U.S. easing on some seaborne Russian and Iranian oil.