Overview
- President Trump ordered a five-day delay to planned strikes on Iranian power plants, saying recent conversations were “very good and productive” and announcing the move hours before his 48-hour Strait of Hormuz deadline.
- The White House described the delay as conditional on ongoing discussions, while Iranian officials and state media said there have been no negotiations.
- Oil prices fell and stocks rebounded after the announcement, with Brent crude dropping roughly 7–10% to around $100–$104, but traffic through the Strait of Hormuz remains restricted; the strait carries about one-fifth of global seaborne oil.
- Fighting continued despite the diplomatic signals, with new Israeli strikes reported in Tehran and Iranian missiles and drones launched toward Israel and Gulf targets.
- The International Energy Agency warned of a deepening energy shock, estimating about 11 million barrels a day in lost oil flows and at least 40 energy assets badly damaged, which threatens power grids and desalination plants that supply drinking water across the Gulf.